I’m in a bit of a weird situation and am not really sure what I need to do. My mom is inheriting her deceased father’s properties and businesses in the Philippines. She spent years fighting off family for the inheritance and wants to transfer everything to my S.O and I soon(ish) so that we don’t run into similar issues in the future. Would this transfer of property be subjected to the gift/inheritance tax?
Neither my S.O nor I have ever been to the Philippines and don’t’ really plan on living there, but I would have to go back and forth from Japan to learn how the family businesses works. These properties will also generate another source of income for us, will this factor into the inheritance tax somehow or is that a separate issue?
To be honest my S.O and I are still pretty young and the situation is a kind of overwhelming. My mom flipped out the last time I told her that we’d probably have to pay taxes in Japan, and tried to guilt me into not reporting the assets... Obviously I'm grateful to be receiving all this, especially at my age, but I just want to do everything properly and not get into trouble with the J-taxman, which is why I'm here asking these questions...
Also I’m sure this is relevant somehow, but my S.O is Japanese and I’m from North America and have been here on a spousal visa for a few years.
Thanks in advance!
Neither my S.O nor I have ever been to the Philippines and don’t’ really plan on living there, but I would have to go back and forth from Japan to learn how the family businesses works. These properties will also generate another source of income for us, will this factor into the inheritance tax somehow or is that a separate issue?
To be honest my S.O and I are still pretty young and the situation is a kind of overwhelming. My mom flipped out the last time I told her that we’d probably have to pay taxes in Japan, and tried to guilt me into not reporting the assets... Obviously I'm grateful to be receiving all this, especially at my age, but I just want to do everything properly and not get into trouble with the J-taxman, which is why I'm here asking these questions...
Also I’m sure this is relevant somehow, but my S.O is Japanese and I’m from North America and have been here on a spousal visa for a few years.
Thanks in advance!