@davies4444
( a) are you a US person ( citizen/ GreenCard/ Resident for tax purposes ) ?
(b) Is this inheritance in cash/liquid or in some asset form to be disposed by you before transferring to the USA ?
(c) Is the account ( ref'd in your post ) a joint i.e. you have signatory powers over or solely owned / operated by your sister and no connection to you ?
(d) To keep things simple, you do not want to create a donor/donee relations in this transaction.
(e) Absent anything concerning in your response to my questions, the best situation would be for the estate of the decedent to wire the monies to your US bank account. This would mean you may have to report the amount on form 3520 ( gift/inheritanmce => than 100,000 from an estate ) -- there is no tax consequence ..
If you do choose to open a bank account in the UK then this amount of money would bring you under FBAR and/or FATCA regulations -- again no tax consequence.
I will circle back once I hear from you.
