What steps should I take to get the release of inheritance money? 3 Answers as of November 27, 2012

A sizable inheritance (2.9 M) was received from a grandfather in Sicily. For past 2+ years, the FEDS/IRS have done their investigation of the source of money and persons involved. They found a few areas of back taxes on a business owned and by a former wife - which was paid. According to the IRS Rep, any and all levies have been lifted on the money deposited in an US Bank in my hometown. Yet, this bank will not release the money and gives no reason as to why. There is a lawyer involved, but am now fearing he may be on the take from the bank instead...maybe a payoff? What should be the next step to get this money released? The heir is dying of cancer and needs this to be settled. Thank you.

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Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
Normally, an inheritance is not taxable to the heir, unless it is something like an IRA. It's not clear from the facts provided in your question as to why the bank is holding your money or why the IRS is or was involved in this. You need a good tax attorney to help you.
Answer Applies to: Illinois
Replied: 1/10/2011
LT Pepper Law
LT Pepper Law | Luke T. Pepper
You should hire an independent lawyer to make inquires and file suit if they are not compelled to release the monies.
Answer Applies to: Pennsylvania
Replied: 1/7/2011
E. Ray Critchett, LLC
E. Ray Critchett, LLC | Ray Critchett
I would recommend seeking advice from local counsel where the heir resides. You will also want to ensure that the heir has the proper estate planning documents completed as well. You may contact our office to schedule an appointment if you have further questions or if you need assistance with this issue. You can also schedule an appointment or obtain additional information at our website.
Answer Applies to: Ohio
Replied: 11/27/2012
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