Yessica

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About Yessica

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  • Location NRW
  • Nationality Canadian
  • Gender Female
  1. Inheritance of a joint account

    I've transferred out 35K EUR from our joint accounts before, twice, without any problems from the bank. So I'll continue doing it this way until the account balance is 0. Fingers crossed it works.   Germany does not know he has passed away yet. His family leaves that up to me to report because they don't want to freeze my accounts without me being ready.
  2. Inheritance of a joint account

      I assume his parents could sue me and have a strong case. But that's only if I won't give them an inheritance, which I will if they want it.   Me having the money in Canada will probably be a better situation for everyone because I'll have access it, so we won't need to wait for the banks to unfreeze everything to get things done.
  3. Inheritance of a joint account

      Thanks for clarifying LeonG! At least that is somewhat comforting. :)
  4. Inheritance of a joint account

      I'm with you jeba. I'm in the process of moving everything over now. Tomorrow during market open, I should have made my first sale and will clear 30K EUR, then will move that first chunk over to Canada. 
  5. Inheritance of a joint account

      I would love to have a trust but my estate isn't large enough to warrant one. I don't know anyone who is middle class and in their 30's, who have trusts set up for their spouses or dependents. 
  6. Inheritance of a joint account

    In my case, my parents paid for mine and my husband's expenses for the last 6-months (if not a year) of his life. I was his 24/7 caregiver. All of us thought he would survive.    Now that he's died, of course my parents do not have entitlement to his estate but his parents do. His parents were not around during his illness and did not help us financially. But now they are up to receive quite a bit of inheritance if they so choose.   It really sucks. My Mom is upset that the $120K she gave us to put towards a house, is now partially up for grabs, as well as all my other life savings that I earned before I was married. I only jointed my husband on ALL of my finances because I sponsored him over to Canada and it made for a stronger immigration case (since I don't have a stable job or earn much money).   While his parents won't necessarily want the money from his estate, it does really put me in a liability situation that also stresses me out. I feel a bit like being in survival mode these days. Not just financially, but emotionally.
  7. Inheritance of a joint account

      Having a will is soooo important. My husband and I don't have one. He was in his mid-30's and we never in a million years thought his life would be so short. He was really healthy one minute and then started going downhill FAST from the cancer.   We also thought that we had protected ourselves and each other by having everything in joint accounts. Apparently it has not protected me due to German inheritance rules. 
  8. Inheritance of a joint account

      I don't get why his parents would be entitled to 50% of his world assets, even when everything is joint with me. But apparently those are the German inheritance rules if you outlive your parents. Luckily we didn't end up buying a house together!!!    My broker in Canada already rejected doing any in-kind transfers from Europe.    I have to think about it some more, but now I am leaning towards selling and moving everything to Canada first, before dealing with German inheritance.
  9. Inheritance of a joint account

      I would have to hire a lawyer to help me navigate the inheritance rules and to help me unfreeze my account once the bank knows of my husband's death. And I wouldn't have to pay capital gains taxes because I wouldn't be selling anything.   In Canada I pay 0% capital gains tax because of how I set things up. Yes it is legal.   I agree it's not productive to fixate on the capital gains taxes in Germany as I'll have to pay them sometime when I do sell. Mine and my husband's investment strategy was to sell off what we needed, when we needed - not have a massive, tax triggered sell-off.   I haven't spoken to my in-laws about inheritance issues for 3 reasons. 1) is that I just learned about the inheritance rules since posting this thread yesterday, 2) is that they only speak German and my German is very basic and 3) my husband *just* died.
  10. Inheritance of a joint account

    Sorry to spam here.   I just calculated that if I sell my investments off now, our capital gains will be approximately 47K EUR.    So 47K * 25% tax = 11750 EUR tax that is taken automatically. This is A LOT to me!!    My in-laws are entitled to around 40K EUR. (which I will have to pay anyway even if I move everything over to Canada).   I'm thinking that maybe it could be worth it to go through this process with the inheritance + freezing of my German account for 1+ year, where my in laws get an opportunity to seek their share. I don't need the money immediately, and at least it'll still be invested rather than sitting in a Canadian account with max 0.1% interest.   Anyone know if it's realistic to assume lawyer's fees would be less than the 11750 EUR capital gains tax?    If my in-laws do want their inheritance, at least a portion of it isn't lost to capital gains tax. Then people who my husband loved could benefit from the money, rather than getting absorbed by the government.   I am not against my in-laws taking an inheritance of 40K EUR if they want it, but I wouldn't like them to take any of my Canadian assets (which I can better protect on my end).    Though I can't know for sure, there's also a good chance they won't want this money from me. They are financially stable and in their 60's. They are kind and reasonable people, like my husband was.   But if they want it, I will give it freely. If I have to pay someone, I would rather pay them than taxes. As long as the legal fees won't cost too much to sort out.   Any thoughts are appreciated. 
  11. Inheritance of a joint account

      I can't change to my Canadian address without my husband's consent. In order to do it without his consent, I would have to register his death with the Consulate first, and then present the certificate to our bank/broker. Trying to avoid that so I don't get frozen out of my account for a year!
  12. Inheritance of a joint account

    Okay everyone, I really really really appreciate all this advice and chatting about these issues. It is helping me a lot.   Though it makes me sad, I think I will take your advice and sell off my stock investments in Germany, then transfer the cash over to a EUR account in Canada.    My husband and I have nearly 160K EUR invested in stocks in our German brokerage account.    Any advice on how I should liquidate and transfer to Canada? e.g. should I do it in 10K or 20K or 50K chunks?    Anyone know if I will trigger any bank concerns by having a 'huge' transfer? Since my husband cannot consent to this mass movement, I don't want to cause problems. But I do want to have access to these funds.   Please note I'm not trying to evade paying inheritance to his parents, if they want it. But since I don't know German language or rules well, it's easier for me to have full access to my account and then distribute from Canada if necessary. I need to do what's easiest for me first, as I grieve.   Thank you again!
  13. Inheritance of a joint account

      Admittedly we didn't tell our bank/broker that we live in Canada. We continue to use my in-laws' German address for German bank purposes.   We obviously aren't accountants (!), so we thought it was okay to pay German taxes on our German investments, and Canadian taxes on our Canadian investments. We just didn't think much about it, until now when I am forced to.   Thank you so much for your help and advice!!!!!!!!!!  
  14. Inheritance of a joint account

    @Smaug I assume I can't just open a new account under my name only, and then be able to transfer everything in our joint German brokerage account without my husband's consent.
  15. Inheritance of a joint account

      I don't consider living in Germany again.   Hmmmm. Would selling everything now and then transferring it over to Canada still require me to deal with German inheritance laws (if my husband's parents don't contest)? I don't expect they will contest.   That would be a big bonus to move things over. We have 160K EUR in our German brokerage, so according to Panda, I won't have to pay the inheritance tax in Germany since it's less than 500K EUR.