So at the risk of TMI, I’m a part Japanese American who is leery of Japanese inheritance tax. I’ve read that the money is taxed similar to a gift when the parents pass but that it can get complicated when a parent is a foreigner.
In my case, I actually control my parent’s money, and could demonstrate that control legally, in that I have moved it around as investments. Although my parent in question is still alive and I have an agreement with them not to withdrawal without their permission (not sure if I have to tell the tax man that).
So if Japanese inheritance is managed as a gift, and I’m not subject to taxation yet (but would be in the future), does my technical control of the money mean that it won’t be subject to inheritance tax because I acquired it pre-unlimited tax payer status, or does the “gift” part require that the parent die? Also maybe relevant, they also have control over said money (it’s joint control currently).
by Chainsawfam
