I am a complete and utter noob when it comes to finances. I have a trust fund back in the US worth about $60,000 that my grandfather manages for me (he is the trustee and I’m the beneficiary). It was opened when I was a toddler—long before moving to Japan. Several years ago, we tried to change the account so that I had direct control over it, but the bank said it wasn’t possible because I do not live in the US. Since my grandfather is not immortal, though, I think it’s about time I took over, which from my understanding means we need to take the money out of the trust fund, close the account, and put the money somewhere else.
What would be the wisest way to put it toward my retirement? I’ve lived here in Japan about 10 years and plan on staying here indefinitely. I’ve heard it’s best to keep the money in the US, but would getting an account with Interactive Brokers count as “keeping it in the US”? How do I report such an account on my tax returns?
Also, since I’m clueless af, I have not been including my trust fund on my Japanese tax return. How do I start reporting this? Will I penalized in any way for not reporting it up until this point?
Edit: The account pays dividends.
by mousemandevotee