I’ve read that inheritance tax in Japan is considered a gift and taxed under the gift tax. As an American, albeit a part-Japanese one, it struck me as a very high tax rate, and I’ve been wondering if there is a way to reduce it when it comes to inheritance given to future children.
So if inheritance is considered a gift, and trusts in Japan are taxed at the moment of creation, can you just give the deduction amount each year into a trust as a “gift” and in doing so, avoid some inheritance tax to a child? Might not seem like a lot to some people but if so it could probably add up to a lot of money after ten or twenty years.
by Chainsawfam