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Ideal indian parents
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My family immigrated to the US in the 90s and I grew up as a poor in the Bronx, my father eventually moved back to our home country and started building a business he has always been tight lipped about his success and lived a humble life. I stayed and I am now 37 and have a successful career in project management with google REWS. I have some frustrations with my work but overall like what I do. I also have a wife and two kids so we have been feeling the pinch from all our daycare and housing expenses, collectively #personalfinance my wife and I make 440k TC combined Last week my dad asked me to go with him to a bank and his investment adviser started going over his account. He lost about 8% of the portfolio in the last year but he has a nest egg of 28m in savings and wants to just give me 10m with no strings attached, he also would like to set up a trust with the rest and have me manage it. WOW Fist off I am humbled and blown away by how lucky I am to even be writing this but I don’t know what to do. I have been self made up to this point in my life, I do have ambitions to be wealthy but now that it is an actual possibility I don’t know how to approach this with my wife and how it will impact my life. Does one keep working when a bond portfolio is paying more than my day job? Also since I am an American and the capital is being gifted by foreign person there is no tax ok receiving all that cash as long as I report to the irs. This is my understanding if there any tax consequences I should know about please tell me. What would you do?
VTI+VXUS. Don’t materially change your lifestyle. View this as a boost of TC by the amount of the dividends, and a windfall you hold stewardship of for future generations. If managed well this could produce many generations of prosperity for your descendants.
But if one of those generations doesn't appreciate it's value it will be squandered
🤣
How would your dad want you to act?
There shouldn’t be tax, you should just claim it as your money from a foreign country that you’re pulling in. The US can’t tax money that is already yours and they will never be the wiser and won’t look into it, so long as it comes from an external foreign service.
No. He did not report it. FATCA says he should have. Better say it is a gift from his dad. Nothing wrong with that as long as daddy is not US person.
You're getting 28m. Pay a professional finance fiduciary and work it out.
Give me 1m, you can do whatever you want with the rest
Gifts from a foreign donor is the best loophole I’ve ever come across. Just be sure to submit the proper forms in a timely manner and have a note from your father stating it’s a gift in case of audit.
Don't let your wife steal it
Too late
Curious to know what business your dad grew in India.
Why do you think OP is an Indian??
Right...wrong assumption. But still curious to know the business.
vacation while you're not old my friend