On: August 16, 2019
The following assumes that estate and inheritance tax will not be an issue or that they will have been paid prior to the receipt of the $200,000. Yes. Your tax bill for taxes previously owed will threaten the $200,000 you are inheriting next year unless you pay it before you come into your inheritance. If a lien has been filed on you by the IRS, the funds will be deducted prior to your receipt of the funds. The second question needs to be dealt with separately. What should I do to protest my assets, current and future? This question is one for a tax attorney, especially one well versed in trusts and estates. This is a highly specialized area of law. With regards to the $200,000 set out in the above hypothetical, it will be difficult to divert the funds into a trust with a different tax identification number than yours (your SSN#) as your ownership of the inheritance as a beneficiary has already been identified after your already owed the $90K to the IRS. With regards to future income, assets and liabilities, trusts, corporations, LLCs and family partnerships can, with the help of a good tax/asset protection attorney knowledgeable in trusts and estates, be utilized to protect your income and assets from future attacks by the IRS and other creditors.