Assets in India
A majority of us will end up retiring in the USA 🇺🇸. What happens to the assets we inherit from our parents? Sell it get taxed heavily and transfer it to a checking account here, or there are better options? Blind tax 260k
Just have your parents transfer whatever they don’t need now as a gift. No tax for gift received by you.
Is it because inheritance gets taxed?
Doesnt the indian government tax any amount send to US
Can you give some pointers on this? Gift vs inheritance gift taxes?
How does the new repatriation tax work? Is it applicable when assets are gifted?
Majority? On h1b whole life? In this type of job market? I like your optimism!
I know very few people who moved back. Majority just ride it out. I'm in my late 30s , speaking for folks in my age group.
First update your TC, uncle.
Yall are trippin...the original desi immigrants from the 60s-80s are going back to india...Medicare is a joke here and the kind of amenities needed in old age is way too expensive here... Go find out how much nursing home care is..along with actual home care and rx costs...dont sell it keep it you're gonna need it
I think of it the other way and that is only my personal opinion. I am slowly creating assets in India so that one day if I have to escape from a collapsing country and it’s economy (USA) then I have all the backup I need in India. Leveraging the USD-INR rate that’s good till world stops using USD. So for answer to your question, I have a property manager who takes a cut from the income that my properties generate (rent, airbnb). I also pay him to manage my portfolio and bank accounts so they remain active and money keeps growing. I know none of this have to be true. Maybe USA is going to remain the daddy forever and India will never improve. But I am placing my bets evenly.
How do you find such a property manager?
following
Majority of who? Also pay the blind tax first
Can’t you keep it at India in NRE/NRO account?
Yeah, but what's the point if it just stays there and it can't be used in the USA
Bank interest rates are good in India, so money will grow. On top of that, it can act as a backup asset (very much required in today’s layoff scenario). Unless and until you have dire need of cash for something here (purchasing house, paying large amount of tuition), you can just let it sit there.