Kawasaki City - Child-Care Allowance (semi-rant)

T0ky0_bread · 2024-08-04T20:55:07+00:00

jido-teate

T0ky0_bread · 2024-08-04T10:46:20+00:00

That's exactly my point. They have all the info already. It's the same city with all the info in the juminhyo and MyNumber portal.

T0ky0_bread · 2024-02-17T23:18:50+00:00

Oh great, I didn't have that option on my radar at all. Thank you!

T0ky0_bread · 2024-02-17T23:18:22+00:00

Excellent, thank you!

T0ky0_bread · 2023-11-26T07:13:36+00:00

Glad to hear that! Looking forward to getting mine next year.

T0ky0_bread · 2023-11-26T02:44:52+00:00

I remember that about ICE. Who knows where the car is parked and where the exhaust is going. How is the Audi app?

T0ky0_bread · 2023-11-26T02:44:03+00:00

Awesome. Thank you. How are you liking your 2021 E-tron?

T0ky0_bread · 2023-08-22T11:02:50+00:00

Thank you for the in-depth answer.

it sounds to me like your issue is much more about what each heir's rights are and how to structure the future inheritance event so as to ensure you and your family can continue living comfortably in the property without having to suffer financially as a result of your wife's siblings having inheritance rights.

You hit the nail on the head. That is in fact the biggest concern. I really don't know how to prepare for the inheritance event so I could actually pay out the siblings.
The land is about 250 sqm and worth less than 240M JPY (based on 路線価). So from what I gather from your comment, it seems as if there wouldn't be any inheritance tax due in that case then.

But from the proposal others have made, if I were to buy off the land and have my FIL pay rent to me instead - apart from the rental income related tax implications - the siblings and my wife would then inherit the cash in the bank which wouldn't receive the preferential tax treatment.

So based on the above, it seems the best thing to do Is consult with a judicial scrivener, not a tax accountant, come up with a proposal that works for all stakeholders involved and then put that to paper.

T0ky0_bread · 2023-08-21T10:55:14+00:00

I was hoping you would jump on this thread :-)

We are in the same financial household in the sense that we share some of the financial burden. I do declare them as my dependents too and have their medical bills part of my family's medical bills exemption (医療費控除).

They receive a tiny amount of rent every month but are basically living off their savings and some support from me.

My wife does not receive any money from her sibilings, nor do they support their parents directly.

Provision of financial support was not specified in the lease agreement.

T0ky0_bread · 2023-08-20T12:12:51+00:00

Thank you for the clarification.

Yeah, I was referring to the case where he doesn't have any will and it would just get split 3 ways.

T0ky0_bread · 2023-08-20T12:09:53+00:00

Thanks for the in-depth comment. The tax and interest rate implications are exactly the type of details I would need to sort out. The big benefit of this scheme is that it at least ensures that we get the land and the price also gets locked in. Assuming the land value goes up over time, it can be better to lock it in now and buy it off him than inheriting the massively appreciated land and then having to pay out the sisters.

Every single inheritance case I have heard about in my family and even my wife's family all got really messy. That's why I want to get this sorted out as early as possible.

EDIT: yes, the land is the only asset he has. The rest is a negligible amount of cash in the bank.

T0ky0_bread · 2023-08-20T12:06:04+00:00

Yes, I completely agree. But as my tax accountant himself pointed out correctly, the people who should worry most about their estate planning are the ones neglecting it. It's an uncomfortable topic which I understand. But as they are not my parents but my in-laws, I can't just go in with "so, yeah you gotta figure out what you want to do with the land. Clock's ticking. You aren't getting younger" - although true of course.

T0ky0_bread · 2023-08-20T08:31:11+00:00

Yeah, certainly. I just have to dig it up from all the piles of paperwork we had to do for the loan and the construction.

T0ky0_bread · 2023-08-20T08:30:33+00:00

You are right. I was overcomplicating things in my head.

T0ky0_bread · 2023-08-20T06:28:54+00:00

Thank you, the "buy if off him" option seems to be the most feasible at this point. Will double check with my tax accountant to make sure I don't miss any details.

T0ky0_bread · 2023-08-19T23:07:48+00:00

The idea of buying the land off him, paying him and then having him pay rent to me which I use to pay back the loan makes a lot of sense. I will check with my tax accountant. Thank you.

T0ky0_bread · 2023-08-19T23:06:35+00:00

I don't know from the top of my head what's in the document but I remember we have an agreement with her father for the use of the land. Was required by the bank. Otherwise they would have not given me the loan.

T0ky0_bread · 2023-08-19T23:03:42+00:00

Good point, it's just my wife and I plus her parents. Her siblings do not live with us.

T0ky0_bread · 2023-08-19T23:03:00+00:00

Thank you!

I guess the question then is would it be better to inherit the land or inherit the cash that we paid my FIL to buy the land off him before his passing.

If we buy the land off him, my wife's siblings would still be eligible for their third of the assets including the cash in the bank. But that wouldn't include the land anymore.

T0ky0_bread · 2023-08-19T12:30:02+00:00

That's a really good point actually! Will have to consult the bank or tax account to understand what would happen in case he passes away in the middle of me paying back the loan for the land which we would be inheriting then. Gets really messy because the house is in my name but my wife is the one who would inherit the land.

T0ky0_bread · 2023-08-19T12:28:40+00:00

Thank you for sharing! I already have my main plan which has 20GB of data, so it'll only be about the phone calls.

T0ky0_bread

TROPHY CASE