Legal Question in Wills and Trusts in Japan
Inheritance of Money and property from Japanese parent to Ameican child
What is the tax on inheritance of property and money (from Japanese parent to American child.) The amount is small - house valued at USD 250,000.00 and cash about $50,000.00. I was told no tax imposed on cash but tax on property. Who can I contact for advice?
2 Answers from Attorneys
Re: Inheritance of Money and property from Japanese parent to Ameican child
There is no tax imposed at all if the property is here in the US. The first $2 million is inherited tax free.
Re: Inheritance of Money and property from Japanese parent to Ameican child
The information you received was wrong. The federal inheritance tax has an exclusion provision. For the last two decades it has been at least the first $300,000 of the assets. But you will need to probate the estate if it is in California; you will need a court order so that title can be transfered to its heirs. Nolo Press has a book on inheritance, you can go through prior answers on this web site, etc. Since $300,000 is still a significant amount, you probably want to see a local probate attorney; it be better to spend several hundred dollars now and get things done correctly then have future problems.
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