I’ve lived in JP for 2 years and will likely stay here for the rest of my life. However, I’ve recently started studying the inheritance tax situation, which seems absolutely bonkers. Does anyone recommend a specific resource for understanding this better or any consultants that specialize in helping foreign residents navigate this specific element of the system?
My concern is around both what I may or may not inherit someday and what I would like to pass down to my kids.
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/r/japanfinance has some good resources for financial matters including things you need to worry about for estate planning.
From what I’ve read, it’s bonkers to prevent mass generational wealth contributing to massive class divides like in the US.
Isn’t a lot of it bonkers because people making wills or trust-like arrangements for after they die is rare, so there is quite often fights over assets.
Also, debts can be passed down to children, and old homes on land can actually have a negative value, adding to the fun…
I’ll just say this. If you’ve got a big inheritance coming your way someday, do not be living in Japan when you inherit it.
Are more People dying all of a sudden???
Like seriously, this has to be the 4th one I’ve seen in like a month.
Do you have kids? My Japanese friends suggest sending them to medical school and burning your money that way to reduce your inheritance while boosting the kids income so it’s like an inheritance tax dodge which is totally legal