Transferring money from a non-US resident as a gift
I'm not exactly sure where I should post this thread.. So I posted this under estate planning too.
My elderly parents who are non-residents and not US citizens will be sending me some monetary gifts. I have a foreign country's power of attorney for both of them and will be aiding them in transferring the monetary gifts.
There will be some checks from a financial institution that will be made in there names that I will be endorsing for them (with my POA) . I was planning on opening a foreign bank account in the foreign country for the sole purpose of depositing these checks and then wiring the funds out to myself, a permanent U.S. resident. Of course, I will be declaring these accounts with the IRS. Would there be any U.S. tax complications and tax implications?
I would greatly appreciate any info and input on this.
Thank you in advance