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Megan C
Megan C , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16539
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I am a non resident alien. I have various certificates of

Resolved Question:

I am a non resident alien. I have various certificates of deposit in US banks which are in my name "payable on death" or "in trust for" my children. I have never paid taxes (in accordance to the law) for earnings on these since I don't live in the US nor am I a resident or citizen. However, my children are in the process of trying to become legal residents of the USA.
My question is: when I die, IF they are legal residents or citizens of the USA, will my children have to pay inheritance taxes or other taxes in order to take possession of these monies?
Submitted: 2 years ago.
Category: Finance
Expert:  Megan C replied 2 years ago.

Megan C :

Thank you for your question, and thanks for using JustAnswer.com

Megan C :

How are you today?

Megan C :

Your children will never pay a tax on the inheritance of funds from you

Megan C :

There are no inheritance taxes.

Customer:

No other taxes involved in taking possession of certificates of deposits payable on death?

Megan C :

No taxes are involved, no

Customer:

thank you for your prompt answer

Megan C :

You're welcome.

Megan C :

Is there anything else that I can assist you with today?

Megan C :

If not, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you todya

Megan C :

today

Megan C and 2 other Finance Specialists are ready to help you
Expert:  Megan C replied 2 years ago.
Thanks, XXXXX XXXXX the opportunity to assist. I enjoyed working with you today. I see that you stepped out of chat. If you would be so kind as to rate my response as "excellent" as that is the only way I receive credit for assisting you today. If you have further questions, please reply below.

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