I am a 40-year-old Indian currently residing in the US on an H1B visa. My family and I moved here a few years ago, including my wife and children aged 17 and 11. Lately, I've been grappling with thoughts about the finite nature of time and the possibility of departing from this world. It's important to note that I don't perceive these thoughts as signs of depression. I even consulted with a therapist to discuss these feelings, and according to her evaluation, I am not experiencing any form of depression; it could possibly be attributed to a mid-life crisis. Nevertheless, if I were to depart, I want to ensure that my family is well-supported. In India, I have approximately 30 lakhs INR (22 lakhs in equity markets and 8 lakhs in PPF) and a 2-bedroom apartment valued at around 70 lakhs INR. In the US, we purchased a home four years ago, and I have about $350K in home equity. Additionally, I have $40K in a 529 plan, $250K in a 401K, $40K in an HSA, approximately $160K in savings accounts, and $80K in stocks, among other assets. Just last week, I also procured term insurance worth $500K. While I acknowledge that my savings might seem modest given my age, this is the reality. My wife is not involved in the tech field; she runs her own business, generating between $1K to $1.5K per month after all expenses. She is not financially savvy, perhaps due to her assumption that she may never need to handle finances independently—you could say she's somewhat ignorant in financial matters. To address this, I've created an Excel sheet containing all our account information and asset details so that she's aware of our financial standing. They will have to eventually move to India because I am primary visa holder. What else I can do to provide protection to my family? PS: some of the comments and DMs are making assumptions that I have suicidal thoughts. Thank you for your concerna but I would like to assure that I don't have any suicidal tendancy or thoughts. #amazon #facebook #google
As a drug addict (I only smoke weed like twice a month) I'm not worried about dying. I do workout so that helps
Yaaa sure….all this lifting will keep a fellow drug addict from speeding into your car 😂 Srsly though: take care of yourself (u already do it seems) and after you go. Learn from OP!
You need to create a Will with the help of a lawyer. One in the U.S. and one in India. A will created in the U.S. is not accepted in India, so get one created in India separately.
“What is a Will, Types of Will, and Things to Keep in Mind When Making a Will” 🇮🇳 https://www.etmoney.com/learn/personal-finance/what-is-a-will-types-of-will-and-things-to-keep-in-mind-when-making-a-will/ “Last Will and Testament: Definition, Types, and How to Write One” 🇺🇸 https://www.investopedia.com/terms/l/last-will-and-testament.asp
Seems like you have been doing all the right things by investing and saving, so keep at it. Financially educate your kids and wife. Make sure you have nominees on all your accounts, and have clear instructions written for for every account. Maybe help your wife scale her business. Put your tech skills to use to expand it.
I have nominees in my all US accounts but not in India. I can't update from here because I don't have Aadhar card. Possibly in my next visit. If I make a will for Indian assets, will it precedence on the nominee information of Indian assets?
“Will it take precedence?” Maybe, but your family may have to jump through additional hoops, take legal action and get bogged down in bureaucracy, so it’s best to have both, will and nominations, in place (overlapping for good measure). Indian government agencies and banks work very slowly (think multiple visits to India) and government servants (employees) expect/demand bribes—fat bribes when they find out you are a विदेशी.
Look into setting up a trust, talk to you financial advisor about best options to avoid taxes on the amount you pass to your wife and children Not to mention having someone who works for you and understands this stuff deeply will make sure your wife gets the right advice if you pass away
How did you get a term insurance here. When I tried since I was on H1B I am not eligible for a term insurance here.
By visiting /r/no_sob_story/ immediately
500k is more than enough to live in India
+1 you did great. You basically need estate planning. Remove those things from Excel 😂 if you have passwords! Next steps: See attorney. Evaluate having trust (change owner of house to trust etc), have will etc. Don’t want Uncle Sam all up your biz if you say bye earlier than expected.
How changing the home ownership from individuals to trust helps?
Just something to evaluate as it seems to help with these things sometimes. I haven’t done it but here’s a link I hope can better explain: https://www.bunchandbrocklaw.com/when-should-you-put-house-trust/ ———————————— Good luck OP! Any advice regarding life, career, keeping marriage, educating children you’d like to share with the cesspool of money addict that is blind? Some of us look up to (seemingly) responsible folks like you
You had a kid at age of 23? Nice. You figured out life way before most people of your age did.
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Brother you have done well, I am sure you will get the chance to see your grandchildrens!
:)
If OPs kids also have kids around same age as OP, then he will see his great grand children too before he turns 65 😅