Greetings,
My wife and I live and work here in Japan, I am American, she is Filipino. I’ve got a hefty life policy back in the states.
Questions for anyone who may be more experienced and knowledgeable than I:
1. If I pass, how can she get the payout (she’s named as a beneficiary, but she only has a bank account in Japan).
2. Would she be taxed once the money (somehow) gets over here? I heard of this gift tax, but I’d be “giving” it postpartum so….
3. Anything else I may be missing?
Just trying to take care of responsibilities and get our house in order. Thanks for any insight!
Life insurance in US + I die + wife in Japan gets payout in US dollars + send to Japan = tax implications?
Re: Life insurance in US + I die + wife in Japan gets payout in US dollars + send to Japan = tax implications?
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Last edited by Tkydon on Sun May 07, 2023 1:58 pm, edited 1 time in total.
:
:
This Guide to Japanese Taxes, English and Japanese Tai-Yaku 対訳, is now a little dated:
https://zaik.jp/books/472-4
The Publisher is not planning to publish an update for '23 Tax Season.
:
This Guide to Japanese Taxes, English and Japanese Tai-Yaku 対訳, is now a little dated:
https://zaik.jp/books/472-4
The Publisher is not planning to publish an update for '23 Tax Season.
Re: Life insurance in US + I die + wife in Japan gets payout in US dollars + send to Japan = tax implications?
Thank you much, didn't know about the amounts regarding tax liability. We're good to go on that one. US Estate taxes on a non-US citizen heir is the next topic of discussion I need to have.
Thank again!
Thank again!