Search found 3 matches

by Caputo00
Tue Jun 11, 2019 9:03 pm
Forum: Non-US Investing
Topic: Estate Planning US Citizen Resident in US: Estate Beneficiaries Indian Citizens
Replies: 14
Views: 1441

Re: Estate Planning US Citizen Resident in US: Estate Beneficiaries Indian Citizens

I’m sure the IRS will want their share when any 401K withdrawals are made. After all, the taxes are being DEFERRED, not eliminated. They will also want to know the tax ID/ SSN of the person taking the withdrawals. Agreed, I am fine with paying taxes but want to avoid gotchas that instantly create a...
by Caputo00
Tue Jun 11, 2019 8:19 pm
Forum: Non-US Investing
Topic: Estate Planning US Citizen Resident in US: Estate Beneficiaries Indian Citizens
Replies: 14
Views: 1441

Re: Estate Planning US Citizen Resident in US: Estate Beneficiaries Indian Citizens

Are you sure you have not misread the details? The US estate tax falls on the estate of the deceased, not the beneficiaries (*). And while it is true that dead non-US citizens have a pitiful $60k exemption for US estate taxes, dead citizens currently have around $11mm. I had indeed misread the $60K...
by Caputo00
Sun Jun 09, 2019 5:43 pm
Forum: Non-US Investing
Topic: Estate Planning US Citizen Resident in US: Estate Beneficiaries Indian Citizens
Replies: 14
Views: 1441

Estate Planning US Citizen Resident in US: Estate Beneficiaries Indian Citizens

I am a US Citizen with <1.5 Million in assets with the majority in 401K funds and ~250K in equity in a house in TX that is now a rental property. A brother and sister and India are named beneficiaries of the 401K assets. I understand from casual reading that since they are not citizens it will lead ...