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Old 09-19-2013, 12:12 AM
 
134 posts, read 186,410 times
Reputation: 120

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My mother recently found a buyer for a house that we own abroad and decided to sell the house. We have been living in the States for almost 10 years. As far as I know the people who occupied the house since we left had not paid much rent. The house originally belonged to my father, who passed 11 years ago. The deed now has my mother's name on it as well as mine and my sibling's name. My mother received the cash and she's asked me to deposit the money into my account. I am then supposed to invest the money. This is a large amount of money that I'm not used to. My mother is unfamiliar with finance and has pretty much told me to take care of the money. I was thinking I would open an investment account at Vanguard and deposit the money there? I was also wondering of a joint account for myself and my mother? She is remarried so I'm wondering if a joint account would then be a bad idea. I assume these transactions would have tax consequences. Is there anything that I should be taking into consideration? I am in the process of finding a good CPA/tax specialist/ financial adviser to help me figure this all out but I thought I'd post here in the mean time. I'd appreciate the advice.
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Old 09-22-2013, 06:41 PM
Status: "On The Lookout" (set 23 days ago)
 
Location: The Triad (NC)
28,399 posts, read 61,782,091 times
Reputation: 31955
Asset Protection - How To Repatriate Your Offshore Funds
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