Children's Accounts - Deposits and Gift Tax

[Deep Blue]

I really suspect OP is worrying about nothing. If the NTA only challenges 300 cases a year (out of 1.6 million deaths) then it’s clear the bar is very high and worrying about gifts under the 1.1 million yen limit is like worrying about being hit by lightning.

[adamu]

Apparently the odds of being struck by lightning in a lifetime are in the 1:10,000s

Happy to contribute to the discussion

[captainspoke]

Apparently the odds of being struck by lightning in a lifetime are in the 1:10,000s

Happy to contribute to the discussion

Had to google that...

[Yossarian]

There's quite a bit of NTA paranoia on that subreddit. Seems everyone thinks NTA is checking everything everyone does.

[Tsumitate Wrestler]

I am certainly not changing my approach radically.

I simply will:

1. Get a signed contract between my mother-in-law and children. My mother-in-law takes this stuff pretty seriously, lol.

2. Inform my child upon taking over the account of the outside chance of complications, and arm them with a copy of said contract.

That is it. However, I do find #1, which is discussed on many many Japanese tax blogs, pretty funny.

[sutebayashi]

I am certainly not changing my approach radically.

I simply will:

1. Get a signed contract between my mother-in-law and children. My mother-in-law takes this stuff pretty seriously, lol.

2. Inform my child upon taking over the account of the outside chance of complications, and arm them with a copy of said contract.

That is it. However, I do find #1, which is discussed on many many Japanese tax blogs, pretty funny.

I was reading a sozokuzei book about this again, and a sample contract for this situation was one of the things in the book.

The first clause in the contract template says that the money will be gifted by such and such a method,
The second clause that says that the kid’s parents will manage the money until the child comes of age.

I might be doing something like this myself, but with my non-Japanese relative, but if the gist of the agreement is written in English I would presume it should be ok.

[sutebayashi]

I am certainly not changing my approach radically.

I simply will:

1. Get a signed contract between my mother-in-law and children. My mother-in-law takes this stuff pretty seriously, lol.

2. Inform my child upon taking over the account of the outside chance of complications, and arm them with a copy of said contract.

That is it. However, I do find #1, which is discussed on many many Japanese tax blogs, pretty funny.

I was reading a sozokuzei book about this again, and a sample contract for this situation was one of the things in the book.

The first clause in the contract template says that the money will be gifted by such and such a method,
The second clause that says that the kid’s parents will manage the money until the child comes of age.
(The parents and giver sign, not the kid)

I might be doing something like this myself, but with my non-Japanese relative, but if the gist of the agreement is written in English I would presume it should be ok.

[Tsumitate Wrestler]

I am certainly not changing my approach radically.

I simply will:

1. Get a signed contract between my mother-in-law and children. My mother-in-law takes this stuff pretty seriously, lol.

2. Inform my child upon taking over the account of the outside chance of complications, and arm them with a copy of said contract.

That is it. However, I do find #1, which is discussed on many many Japanese tax blogs, pretty funny.

I was reading a sozokuzei book about this again, and a sample contract for this situation was one of the things in the book.

The first clause in the contract template says that the money will be gifted by such and such a method,
The second clause that says that the kid’s parents will manage the money until the child comes of age.
(The parents and giver sign, not the kid)

I might be doing something like this myself, but with my non-Japanese relative, but if the gist of the agreement is written in English I would presume it should be ok.

Would you kindly throw up a snap of that sample contract?