- November 13, 2023
- Posted by: legaleseblogger
- Category: Related News
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It is a common practice in Japan for individuals to utilize life insurance as a means of reducing the financial burden on their heirs, especially when it comes to the transfer of land and property. This tradition stems from the cultural importance placed on preserving wealth and assets for future generations. By utilizing life insurance as a financial planning tool, individuals can ensure that their heirs are not left with significant financial responsibilities upon their passing.
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Yes we do. But only up to the max deduction of ┬Ñ5million per legal inheritor of which there are 3 in my family. So thatÔÇÖs 15mill less going to public coffers per spouse.
I had spoken to a professional last year who told me that it is common for higher income earners to have life insurance to manage the cash flow issue of owing a lot of money for inheritance tax all at once. He claimed that there have been cases of the surviving spouse having to sell the house in order to pay the tax bill. But he also said the need for insurance depends on the specific situation. So even if itÔÇÖs ÔÇ£commonÔÇØ, it would be best to consider your personal situation before assuming that you need insurance.
> Is it common for Japanese people to use life insurance to lessen the financial burden on their heirs, particularly when dealing with land and property?
Yes. Partly, this is because 5 million yen per statutory heir can be received as a life insurance payout tax-free, as mentioned elsewhere. But a more significant reason in many cases is the fact that life insurance payouts are not subject to asset division. Accordingly, the named beneficiary of the policy can receive the payout quickly, without needing to obtain the consent of any other heirs.
When it comes to general inherited property, it is necessary for all heirs to reach agreement regarding the distribution of assets (or obtain a court order) before any of the heirs can access the property. Sometimes, the heirs fail to reach agreement by the deadline for filing and paying inheritance tax (10 months after the death). In that situation, the heirs are faced with the prospect of paying inheritance tax without having yet received their share of the estate.
Life insurance alleviates this issue somewhat, by providing named beneficiary heirs with access to funds regardless of whether the heirs have been able to agree on a distribution of assets. DC pension schemes (iDeCo, etc.) provide the same benefit.