Personal Financial Strategy for NRIs in the USA!
529 college savings plans are a popular way for families to save for future college expenses. However, there are some potential disadvantages to consider before investing in one: Overall, while there are some potential disadvantages to 529 college savings plans, they can still be a valuable tool for many families looking to save for future […]
If the value of a person’s net estate exceeds the federal limit of $11.58 million per person, they may be subject to an estate tax that can be as high as 40% of their estate. However, even if their estate does not meet the federal limit, they may still be subject to a state estate […]
ILIT stands for Irrevocable Life Insurance Trust. It is a legal entity created for the purpose of owning a life insurance policy. The trust is considered “irrevocable” because once it is created, it cannot be modified or terminated by the grantor (the person who creates the trust). The way an ILIT works is that the […]
Yes, it is possible to use life insurance as a savings vehicle to fund your child’s college education. Here are some advantages and disadvantages of using life insurance for this purpose: Advantages: Disadvantages: Overall, using life insurance as a savings vehicle for your child’s education can be a viable option, but it’s important to carefully […]
Cash value life insurance, also known as permanent life insurance, can offer some tax advantages, but it depends on the specific type of cash value life insurance policy and the way the policyholder uses it. Here are a few ways cash value life insurance can offer tax advantages: It’s important to note that laws and […]
H-1B visa holders are allowed to earn money from other sources in addition to their primary employment, but there are certain restrictions and requirements that must be met: It’s important to keep in mind that laws and regulations regarding H1B visa can change, so it’s always a good idea to consult with an immigration lawyer […]
H-1B visa holders are allowed to work for multiple employers in the United States, but there are certain restrictions and requirements that must be met. It’s important to keep in mind that laws and regulations regarding H1B visa can change, so it’s always a good idea to consult with an immigration lawyer or a legal […]
Receiving money as a gift from other countries is a common way to transfer funds, here are a few steps to follow when receiving gifted money from other countries: It is important to keep in mind that laws and regulations regarding gift and money transfer can vary by country, so it is best
Inheritance taxes in the United States are taxes imposed on the transfer of property from a deceased person to their heirs. Inheritance taxes are also known as estate taxes. In the United States, inheritance taxes are imposed by some states and at the federal level. However, the federal estate tax has a high exemption amount, […]
Gifts brought into the United States from other countries are subject to U.S. customs laws and taxes. Here’s a general overview of the tax treatment for gifts brought into the U.S from other countries: It’s important to keep in mind that laws and regulations regarding gifts and taxes can change and it’s always a good […]