 |
|
|
| Could a Non-Resident of the U.S. benefit from purchasing a U.S. Life Insurance Policy？ |
| Introduction |
| A life insurance policy in Japan typically does not have a good payout of the death benefit. A non-resident of the U.S., such as a Japanese individual, might therefore benefit from purchasing a life insurance policy in the U.S., which often has a larger payout of the death benefit. |
|
|
| How a Non-Resident of the U.S. can purchase a U.S. Life Insurance Policy |
| A non-resident of the U.S. is generally disallowed from purchasing a U.S. life insurance policy. However, although the rules governing the purchase of a U.S. life insurance policy by a non-resident are gray, typically, a non-resident is able to purchase a U.S. life insurance policy by owning some sort of real estate in the U.S. or setting up an entity in the U.S. such as a Limited Liability Company (“LLC”) or a corporation that will purchase the life insurance policy on the non-resident’s behalf. |
|
|
|
|
| Tax Benefits from purchasing a U.S. Life Insurance Policy |
| Generally, a beneficiary of a U.S. life insurance policy can receive a payout of the death benefit without having to pay taxes on it. Therefore, by purchasing a U.S. life insurance policy, a non-resident of the U.S. is able to provide cash funds to the beneficiary of the policy who can use the death benefit to pay inheritance taxes in Japan, which needs to be paid in cash. As cash can be difficult to generate, cash proceeds from the U.S. life insurance policy can greatly help an heir make payment on the often large, inheritance taxes in Japan. |
|
|
|
|
| Conclusion |
| As a U.S. life insurance policy can aid non-residents in building a cash reserve to pay important taxes in their countries, such as the inheritance tax in Japan, it might be good for a non-resident to consider buying such policy in the U.S. |
|
|
| Guest Article by Drew Harrison, president/CEO of Attcon International Corp. |
How do you Translate 反社会的勢力?
“反社会的勢力” is a term often used in Japanese legal documents. Many companies in Japan such as Uber, PayPal, GoldmanSachs, Prudential, Apple, and Citibank all translate “反社会的勢力”as either “Anti-Social Forces” or a similar version thereof. Other companies translate “反社会的勢力” as “Anti-Social Elements” or “Anti-Social Powers” but you will be hard-pressed to find a translation of “反社会的勢力” that does not include the word “Anti-Social”.
Most dictionaries define “Anti-Social” as a PERSON who exhibits antisocial behavior that is unfriendly towards others or harmful to society such as smoking, but nothing that reaches the level of a criminal act.
Furthermore, when you search an online dictionary that is NOT associated with Japan, you will be hard-pressed to find a definition for the phrase “Anti-Social Forces”.
There are many websites that appear to not be associated with Japan that use the phrase “Anti-Social Forces” but in most cases those sites are bilingual and indeed are associated with Japan.
If you were to randomly ask a person in the U.S. what they imagined “Anti-Social Forces” meant, the average person would look puzzled and might imagine a group of people who were not being nice, but most people would not think of a criminal act.
If you are looking for a better English translation of “Anti-Social Forces”, then you have to look to other English-speaking countries that have similar laws. At Attcon International Corporation, we prefer to look to the laws in the U.S. to obtain a translation that not only makes sense to U.S. attorneys, but also to the general public.
Attcon International Corporation (https://attconinternational.com)
President/CEO
Drew Harrison (旧姓 佐々木正男)
Some of the websites that use the term “Anti-Social Forces” or “Antisocial Forces”:
Uber Japan
https://www.uber.com/legal/zh-tw/document/?name=declaration-of-anti-social-forces-exclusion&country=japan&lang=ja
Paypal Japan
https://www.paypal.com/jp/webapps/mpp/ua/useragreement-full?locale.x=en_JP
GoldmanSachs Japan
https://www.goldmansachs.com/japan/regulatory-disclosures/GSBankUSA/anti-social.pdf
Prudential Japan
https://psjl.prudential.com/antisocial/index.html
Apple Japan
https://www.apple.com/jp/itunes/antisocial-forces-policy.html
Citibank Japan
https://www.citigroup.jp/jp/about/disclosures/pdf/gctc.pdf?v=1.3 |
|
| |
|
| Client Comments |
| "Lawyers in the U.S. can be difficult to talk to at times, but I think people find it easy to talk to Ms. Hongo. I also like the fact that Ms. Hongo follows up with her clients on a timely basis." |
| Sachiko Trillo, Honolulu |
|
|
| "Hongo Tsuji Tax & Consulting, our accounting firm, introduced me to Ms. Hongo. I consulted her with regards to estate planning, and I appreciated the fact that she took care of our documents in a timely manner." |
| K.A., Tokyo |
|
|
| |
|
| "I appreciated Ms. Hongo's professional expertise and the kind way in which she took care of our matter. I am truly happy that she helped us." |
| Mitsuko Seto, Osaka |
|
|
| "Ms. Hongo not only prepared my trust, but also took care of legal matters involving my company. Her fee is reasonable and she follows up with you in a timely manner." |
| S. Suzuki, Company Owner |
|
|
| |
|
| "Ms. Hongo took care of our matter in a kind manner. We liked the fact that her office was located in Waikiki, near our home." |
| Sugiyama, Waikiki |
|
|
| "I became a successor to 2 condominiums that my wife owned in Hawaii, after my wife passed away. Ms. Hongo took care of our probate matter in a short timeframe of 1 year. We feel very grateful to her." |
| Shuichi Sakamoto, Nasu |
|
|
| |
|
| "Our clients were very satisfied with Ms. Hongo's service because she was able to explain matters such as probate in an easy-to-understand manner. Ms. Hongo is someone we can rely on for any matter." |
| Noboru Ohhashi, List Sotheby's, Tokyo |
|
|
| "Given that the U.S. real estate recording process and its pertaining laws differ from those of Japan, and it is difficult to learn about them in English, I appreciated Ms. Hongo being able to explain them to me in an understandable manner. I would like to seek her help in the future for other matters." |
| K. Iwasaki, Honolulu |
|
|
| |
|
| "Ms. Hongo helped me with the estate planning for my real estate in Hawaii. I was glad she was able to help me during her visit in Japan." |
| S.T., Kawasaki |
|
|
| "It was our long-term goal to prepare a trust for our family. We are now able to take the next step in our lives, as Ms. Hongo applied her proficient bilingual skills to efficiently take care of our matter. We are very grateful for what she did for us." |
| A.P., Honolulu |
|
|
| |
|
| |
| Hongo Law Office LLLC is proud to have been acknowledged as one of the "Best Probate Attorneys in Honolulu for 2022" by Expertise.com. |
|
|
|
|
| |
|
| You're invited to call or email |
"If you have questions about estate planning/administration or captive insurance, please don't hesitate to call. I'll be glad to hear from you." – Yuka
Call (808) 237-9944 or email yuka.hongo12@gmail.com |
|
|
|
|
|
| Meet Yuka Hongo, Esq. |
| Yuka Hongo is a respected estate planning attorney based in Honolulu, Hawaii. She has practiced law for 10 years and is fluent in both English and Japanese. |
|
|
| |
|
Practice Areas: Yuka represents clients in matters relating to estate planning/administration, including probate and the preparation of transfer on death deeds. In addition, she assists clients in forming captive insurance companies in the State of Hawaii, and performing the corporate maintenance work on an ongoing basis for such companies.
Education: In 2000, Yuka graduated from Oberlin College (Oberlin, OH), where she earned a Bachelor of Arts Degree in Economics and East Asian Studies. In 2004, she graduated from Loyola Law School (Los Angeles, CA), where she earned her Juris Doctor Degree.
Court Admissions and Bar Memberships: Yuka is a member of the Hawaii, California, the District of Columbia Bar, and New York Bar Associations. Yuka is a member of the International Law Section of the Hawaii State Bar.
Additional Qualifications: Yuka is a Certifying Acceptance Agent who can obtain the ITIN tax number for foreigners in the U.S. In addition, she is a life insurance agent and a licensed notary public in Hawaii. Also, Yuka is fully bilingual in Japanese and English and has in-depth experience including complicated translations working with both languages.
Multicultural Background: Yuka has experience living and working in both the U.S. and Japan and has a thorough understanding of both cultures and the people who live in both countries. In addition, she loves working with people from other multicultural backgrounds, and working on international matters.
Accounting Experience: Yuka worked for the Tokyo office of a prominent U.S. accounting firm for the past number of years and has extensive experience working with tax and legal issues that arise from cross-border transactions.
Educational Presentations: Yuka has presented seminars in Japan relating to Transfer on Death Deeds in Hawaii and trusts in the United States.
Residence & Interests: Yuka lives in Honolulu, Hawaii and is single. She enjoys scoping out new eateries and restaurants. |
| |
| Add a friend to our list |
If you have a friend or colleague who would like to receive this newsletter, please give us the person's name and email address and we'll add them to our distribution list. Thanks.
You can also connect with Yuka on Facebook, LinkedIn, Twitter and YouTube. |
|
|
|
| |
|
|
|
|
