Life insurance in US + I die + wife in Japan gets payout in US dollars + send to Japan = tax implications?
Posted: Sat Apr 01, 2023 12:34 pm
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!
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!