Hi all. I'm curious if anyone knows of a resource that lists the (obviously legal) ways in which family can gift money to other family members in a tax-advantaged way, or things that would help to reduce potential inheritance tax? Potential transfers would be from the US to Japan.
My knowledge base really only includes the ¥1.1m limit for yearly tax-free gifts, and a basic understanding of how inheritance works – ¥30m tax free, ¥6m for each additional statutory heir, and then a progressive tax rate after that. I suppose it's also worth noting that as far as I know there is no step-up in cost basis for US-based assets when passing to an heir in Japan.
I do recall seeing posts mentioning things about being able to help family buy a (first?) house, and I sort of assumed there must be some other scheme involving education, but I'm not sure.
I'd greatly appreciate any leads on what I should look for in regards to the basic ways people can optimize gift and inheritance taxes.
Thank you!
by redfinadvice