Potential Criminal Liability of Leaker
- Thread starter dailybuck777
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Screwing innocent widows of their life savings would count against the tallyWut, because I have not claimed to bang 10,000 chicks? My bad ...
My favorite activity, to be sure.Screwing innocent widows of their life savings would count against the tally
Actually, I'm presently working on a trust administration involving a low eight figure trust corpus and four trust beneficiaries, one of whom is a U.S. citizen with legal residence in Japan. If you know a lot about Japanese inheritance tax laws and want to chime in with a recommendation on how to (legally) get around them, by all means let me know..
I understand the predicament facing you and more importantly your expat heir, but I don’t know enough about Japanese inheritance and residency laws to offer anything of substance.
You might have a loophole if said heir has lived less than 10 years in Japan. If not, they’re screwed.
Inheritance tax in Japan - English Lawyers Japan
When are you required to pay inheritance tax in Japan? Understand the requirements for Japanese and non-Japanese foreigners, and when to contact a lawyer.
englishlawyersjapan.com
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You're actually correct about the ten year thing. Well done. Problem is, the heir has lived in Japan for over 20 years.I understand the predicament facing you and more importantly your expat heir, but I don’t know enough about Japanese inheritance and residency laws to offer anything of substance.
You might have a loophole if said heir has lived less than 10 years in Japan. If not, they’re screwed.
Inheritance tax in Japan - English Lawyers Japan
When are you required to pay inheritance tax in Japan? Understand the requirements for Japanese and non-Japanese foreigners, and when to contact a lawyer.
I'm thinking a discretionary trust (with distributions to the heir living in Japan being subject to the sole discretion of the Trustee, his brother) is likely to be the only viable method to avoid a big Japanese inheritance tax hit. And by big, I mean a 43% tax rate. Ouch.
Too many unknowns.
So a semi-wealthy individual leaves his/her inheritance in a Will that doesn’t create specifically-defined Trusts and affords the Trustee the seeming ability to create disbursement Trusts?
If so, you might have found your “out”, but I’d hire a specialist, You don’t want to end up like that car dealership, do you? 😉
Your professional dilemma is similar to that of a close friend of mine. Married to daughter of wealthy ($50 million estate, 2 heirs) and elderly Japanese parents (early 90’s).
Quizzically, both parents have an urgent desire to go back to Japan to die.🤷🏼♂️
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It's 40% in the U.S. (excluding state) and your party wants it to be much higher.
The weird thing is tha Calif doesn't have an inheritance tax. It is bat shit crazy on most taxes and job related matters, but doesn't have this tax. My only guess is that Silicon valley has had a big influence in this area.
There's also a pretty healthy estate tax exemption amount ($12,060,000 for decedents dying in 2022), and it fully exempts the VAST bulk of Americans from estate taxation. By contrast, the basic inheritance tax exemption in Japan is $36 million yen. (It can be higher, depending on the number of statutory heirs.) In dollar terms, that comes to roughly $293,000 ($36,000,000 divided by 123 = $292,683).
My party wants to increase taxes on the ultra rich. I have no problem with that from a political, fiscal or philosophical standpoint. And from a professional standpoint, it creates work for me. So it's all good. You, on the other hand, have never seen a tax cut you didn't support. In fact, you generally regard tax cuts as a panacea. Good for you.
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California got rid of the inheritance tax LONG before Silicon Valley became what it is today.
Click on the thread, it goes deep...
Good stuff. Yet she probably doesn’t need 25/7 armed guards.
Terrified law clerks at the Supreme Court are lawyering up as the investigation into the leaked draft opinion overturning Roe v. Wade fuels hostility: report
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