I'm receiving an inheritance from Germany of about $260,000 (after Germany's taxes). What are my federal tax ramifications? (I live in Wyoming). What is the best way to minimize my taxes?

It's an inheritance, so there are NO federal tax ramifications.

You WILL need to report the receipt of that amount of money, but no taxes will be due. A call to the IRS will reveal the Form number that will be used for this purpose.