Personal Financial Strategy for NRIs in the USA!
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 […]
Bringing money from other countries into the U.S. is legal, but there are certain regulations and reporting requirements that must be followed. Here are a few steps to follow when bringing money from other countries into the U.S: It is important to note that laws and regulations regarding the import and export of currency can […]
529 plans are a popular way to save for college expenses, however, they do have some disadvantages to consider: Another major disadvantage of 529 plan is that it is considered as an asset in FAFSA application which increases the Epected Family contribution (EFC) thus reducing the financial aid. It’s important to research different college savings […]
Claiming a life insurance death benefit from outside the country can be more complex than claiming within the country. However, the basic process is similar. Here are some additional steps to keep in mind when claiming a life insurance death benefit from outside the country: It’s important to keep in mind that each insurance company […]