Large inheritance from USA

Emmaharris

Hi all, not sure if I’m in the right place for this or I should be posting for tax advice instead but any help would be great! 

My children have been named as beneficiaries of two bank accounts as part of a large estate in Texas. The estate has been through probate and all other assets are sorted but we have a “qualified” and “non qualified account” that we need to make decisions on asap and have no idea what would be best. They can take a lump sum (which we’ve been told would lose them 30%) or find another brokerage to transfer the accounts to. Googling questions about usa/uk beneficiaries doesn’t help and we aren’t sure who we need to speak to (financial advisor or accountant?) Does anyone have any recommendations of someone we could have a consultation with to discuss what options they have to avoid the 30% tax as beneficiaries? The More I type the more I think that I should have posted this in a diff area as a tax question? We’re a bit in over our heads lol. 

Flugelhorn

Is this US inheritance tax - as they shouldn't be liable for any here 

Emmaharris

From my (very small) amount of knowledge Texas doesn’t have inheritance tax, it’s the two accounts that they were named on as transfer to upon death that I think will be taxed? I’m probably not explaining it very well tbh as I don’t exactly understand it all! One is an ira (retirement account) 
we’re trying to figure out if they have any other options apart from the bank transferring to them as a lump sum and them losing 30%. Posted here just incase anyone has had any experience with this kind of situation before? 😊

msb1234

The children aren’t ‘losing’ anything. Because they didn’t own the money in the first place. So, think of it in terms of what they’re gaining - then every dollar they receive is a gift.

Keep_pedalling

Isn’t it possible for the executors in Texas to liquidate the accounts and provide the inheritance in cash?