Hello and thank you in advance,
I am a 4 year 8 month resident of Japan (maybe 5 years if you count my period as a foreign exchange student). Currently on a student visa, and previously on an instructor visa.
I am an inheritance beneficiary of a revocable trust. It's enough to trigger inheritance taxes, of over 3000万. The family member passed away this past December. From what I understand, I am not required to pay those taxes as am under the 10-year amount and not married, have kids, etc.
My financial advisor is American but recently has opened offices in Japan. They are advising me to be on the safe side, break residency, and return home at least for a little. While unlikely that they would ask for the money, this way I can say I was going home.
I think playing it safe is the smart choice, but looking for a second opinion.
The trustee is a bank. I will receive payouts and possibly interest payments over the next 8 years or so. Which adds more complexity to taxes later too.
Edit: To add more fun, I received a house. But the value of that house is within the trust. We are planning for my brother to buy my half of the house in the next few years as he'd like to keep it. My half is worth around $400-500k. Anything to keep an eye out for in doing that?
Sorry if this has been answered before. I've done a lot of reading but can't find a clear answer.
by petehasreddit