How to provide long term financial support for Thais – estate planning

[TallGuyJohninBKK]

2 hours ago, scorecard said:

 

Not so sure about that, son's lawyer says Thai wills can override the law. 

 

Never the less there is the point that the wife is perhaps entitled to half of his assets, but what is they are permenantly estranged? And what is there has been a recorded payout to end their relationship?

 

I'm not a Thai lawyer, but I do understand some aspects of the local law.... AFAIK, a Thai will, no matter how valid, cannot override the statutory provisions of Thai family law pertaining to community property. In other words, normally, a husband can't simple decide to disinherit a wife from her marital share of the estate.

 

Basically, separated but still married (which is what I assume you mean by estranged) doesn't change the community property issue, at least unless it's long-term. Just because they're married legally but living apart or whatever, that doesn't change the estate issues.

 

If they had some legal (emphasis on the term legal) agreement where the wife waived all her rights to community property in exchange for some lump sum payout, that MIGHT mean something. However, there's also a provision on Thai law that says contracts of any kind between a legally married husband and wife can be voided unilaterally either either side any time during the marriage or up to one year thereafter.  So on the subject of the legal agreement payout, I'd have my doubts.  But that would be an attorney point to check about.

 

IMHO, many Thai lawyers are shysters and may know less about actual Thai law that you'd learn from reading a book.  And I think the average Thai has minimal knowledge of what the law actually says and requires. So if needed, hopefully you can find a competent family law attorney.

 

 

[BEVUP]

23 hours ago, Gold Star said:

'Never be worth more dead here than alive!' I was warned... 

I have so far heeded that advice, but yet as time goes on, I am facing the same desire to properly protect my spouse financially in the case of my demise with some kind of financial net, both without interfering with my current investments, or making it common knowledge to all. 

Her family is the worst imaginable nightmare collection of cheaters, liars, swindlers, and even a murderer, that have taken everything from her that she has ever had all her life by guilting her into giving it to them, or coming up with some scheme.  She even bought her parent's house twice, once to buy the land and build it, and then again to get it out of debt as they leveraged loans on it once it was completed and they were going to lose it for non payment.

Being aware of this history, I have never given them a single baht, and they are constantly trying to get her to ditch me and meet someone else that would make a better mark to milk.

Normally, purchasing life insurance would be the solution, but I am certain it would result in my untimely death soon thereafter, and the resulting windfall from the 'accident' would vanish just as quickly. 

I can comprehend this

That's why the house is in Sons ( so wont loose to a failed future marriage & needs court approval to touch the deeds )/wife name ( in case son goes awal )

Car now in my name (so no more hocking for that so called piece of land that was promised if she bails them out ), has no documentation to back that up

They are all full of it - now they only have the 2 old Mop Heads to pawn around ( I don't care about them )

 

Now back to some how supporting wife / son in future of/if my demise 

Well it's called my Superanuation

I will have a hard enough time just surviving due to Ausses employment opportunities.

I've told wife there wont be any big payout 

 

Could of had some investments but she chose the family, therefor making us have to buy everything twice - & I mean everything & still lost some 

[TallGuyJohninBKK]

2 hours ago, James2020 said:

Vanguard's total annual fee is 0.55% for assets under management of 1MM to 5MM, 0.25% for trust administration and 0.30% for investment counseling.  This is about half of the usual rate, but I found that the beneficiary must be a US citizen, so Vanguard would probably not work for the OP.

 

The assets are managed according to Vanguard's current investment policy, and all funds are invested in Vanguard Index Funds.  They would not manage real estate or individual stocks.  If you own other assets at the time of your death,  someone else of your choosing must transfer the funds to Vanguard Index Funds.

 

Depending on how much you have and the needs of the beneficiary, another approach is to gift the money to an institution that manages Charitable Remainder Trusts.  There usually are no fees associated with the trust, the beneficiary receives the income for his/her life, and when the beneficiary dies, the funds go to the institution.  I don't know if there are citizenship requirements.

 

You need to discuss all of this, of course, with an estate lawyer, making clear what your goals are.

 

James, thanks very much for a very clear and comprehensive answer on the questions I had raised. Much appreciated. My wife is a Thai citizen, of course, so the Vanguard "beneficiary must be a US citizen" policy wouldn't work for us. Nor am I sure I'd want all of my assets invested entirely in Vanguard funds... But, it's still very good info to know and a helpful contribution to this thread!

 

Just curious, in your exploration, did you ever get into the question with Vanguard of WHY they were requiring that any beneficiary be only a U.S. citizen?

 

[TallGuyJohninBKK]

33 minutes ago, Langsuan Man said:

I will defer to your knowledge but so far I have found no way to obtain a ITIN for a Thai (non spouse) prior to my death and probate.  I understand that married individuals can obtain an ITIN for their spouses but so far have not uncovered anything in the IRS publications about ITIN's that indicate a method to obtain one for a "future" beneficiary 

 LSM, you're talking about how to obtain a ITIN number for a non-U.S. citizen beneficiary who is NOT one's spouse?  That's an interesting question...

 

Maybe Nancy knows more about this than me. As I understand it, legally in the U.S., you're not required to have a SS# or ITIN in order to be someone's beneficiary. However, there may well be some tax or legal or procedural complications that having an ITIN helps ease when the person inherits.

 

The whole area of what the U.S. tax implications are for a Thai citizen/non-resident alien who suddenly inherits either regular U.S. financial assets or U.S. retirement fund/tax sheltered assets is a big ocean of complications that I've yet to understand. It's on my bucket list to do in the future.

 

In looking at the IRS website, I see that ITINs are also open to dependants of U.S. citizens. And to non-resident aliens who may need to file a U.S. tax return, which certainly might apply to a non resident alien once they inherit from a U.S. citizen (but apparently not in advance).
 

Quote

 

Who needs an ITIN?
IRS issues ITINs to foreign nationals and others who have federal tax reporting or filing requirements and do not qualify for SSNs. A non-resident alien individual not eligible for a SSN who is required to file a U.S. tax return only to claim a refund of tax under the provisions of a U.S. tax treaty needs an ITIN.

Other examples of individuals who need ITINs include:
   • A nonresident alien required to file a U.S. tax return 
   • A U.S. resident alien (based on days present in the United States) filing a U.S. tax return 
   • A dependent or spouse of a U.S. citizen/resident alien
   • A dependent or spouse of a nonresident alien visa holder

 

https://www.irs.gov/individuals/international-taxpayers/general-itin-information

 

Edited July 20, 2018 by TallGuyJohninBKK

[NancyL]

59 minutes ago, Langsuan Man said:

I will defer to your knowledge but so far I have found no way to obtain a ITIN for a Thai (non spouse) prior to my death and probate.  I understand that married individuals can obtain an ITIN for their spouses but so far have not uncovered anything in the IRS publications about ITIN's that indicate a method to obtain one for a "future" beneficiary 

In looking through the instructions for form W-7, the application for an ITIN, it does seem that in order to apply for an ITIN, the applicant has to be a spouse or dependent of a U.S. citizen or resident alien.

 

I do know that the process of obtaining an ITIN is much quicker when a Thai person has a valid Thai passport as their ID, vs. other forms of identification, so making sure that a future beneficiary has a Thai passport is one bit of preparation that could be done in advance. Like Americans, not all Thai people have passports.

 

Depending on who holds the funds in the U.S., it's very likely that the Thai beneficiary is going to have to supply an ITIN when the time comes to claim their inheritance.  

[TallGuyJohninBKK]

18 minutes ago, NancyL said:

Depending on who holds the funds in the U.S., it's very likely that the Thai beneficiary is going to have to supply an ITIN when the time comes to claim their inheritance.  

 

That's a head scratcher, Nancy.... assuming we're still talking about a foreign NON spouse or NON dependant.

 

In the sense that until such a non U.S. Citizen has actually inherited some cache of U.S. assets, they presumably wouldn't have any U.S. tax filing obligation -- which would seem to render them ineligible for an ITIN.

 

But you're suggesting, in order to get the actual inheritance, such a person would need an ITIN. If true, that would seem to be a Catch 22. Can't get the ITIN without the tax filing-inducing inheritance. Can't get the inheritance without the ITIN.

 

I do wonder if the notion of "can't get the U.S. inheritance without a SSN or ITIN" is really true...  Or, perhaps one of us is missing something somewhere on this topic...  But it would be good to get a more definitive answer, especially of what all this would mean for non spouse and non dependent beneficiaries.

 

 

[TallGuyJohninBKK]

One opinion on the subject:

 

Quote

The decedent was a US citizen, but some of the beneficiaries are not US citizens, and some of them are US citizens but don't have a social security number. The lawyer is saying that he needs to do a mandatory withholding from the beneficiaries who don't have social security number. Those who have a social security number will receive the full amount.

 

https://www.bogleheads.org/forum/viewtopic.php?t=147879

 

And some info direct from the IRS:

 

https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-about-international-individual-tax-matters#ApplicationforIRSITIN

 

Quote

 

  I am a nonresident alien in a foreign country. I was notified that I inherited some money in the United States. The executor requests that I provide a tax identification number. Is it sufficient to provide them with a foreign tax identification number?

No.  The executor is required to include a Schedule K-1 (Form 1041) for each beneficiary when filing Form 1041, U.S. Income Tax Return for Estates and Trusts, for a decedent’s estate.  The Schedule K-1 must provide the beneficiary’s tax identification number.

Additionally, a nonresident alien heir or beneficiary who wishes to claim applicable reduced rates of U.S. federal income tax on distributions from the estate under a tax treaty should file with the executor of the estate a Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, which must provide the individual’s tax identification number.  Please refer to Income Tax Return of an Estate—Form 1041 in Publication 559, Survivors, Executors, and Administrators. The Form W-8BEN is not filed with the IRS.

If the heir or beneficiary does not have a social security number, he/she must apply for an ITIN from the IRS.  Please refer to Form W-7 and Instructions for information on applying for an ITIN.

 

 

The last pgh above is particularly interesting...

 

"If the heir or beneficiary does not have a social security number, he/she must apply for an ITIN from the IRS.  Please refer to Form W-7 and Instructions for information on applying for an ITIN."

 

So perhaps being an heir does make you eligible to apply once the owner of the estate has died. But I sure haven't found that notion in the ITIN info I've ever read...

 

And one more related piece from the IRS on W-8BEN filing:

Quote

 

Withholding on Income from U.S. Sources

1.  What is the purpose of the Form W-8 BEN?

Foreign persons are generally subject to U.S. withholding tax at a 30% rate on the gross amount of certain income they receive from U.S. sources. By providing a completed Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, to the U.S. payer (also known as the U.S. withholding agent) before or at the time income is paid or credited, you are:

• Establishing that you are not a U.S. person,
• Claiming that you are the beneficial owner of the income for which Form W-8BEN is being provided, and
• If applicable, claiming a reduced rate of, or exemption from, withholding as a resident of a foreign country with which the United States has an income tax treaty. In order to claim a reduced rate or exemption from tax under an income tax treaty, the Form W-8BEN must include a valid U.S. taxpayer identification number.

The completed Form W-8BEN is provided to the U.S. payer (also known as the U.S. withholding agent) before or at the time income is paid or credited. This form is not filed with the U.S. Internal Revenue Service. For additional information, please refer to the Instructions for Form W-8BEN.

 

 

Edited July 20, 2018 by TallGuyJohninBKK

[NancyL]

16 minutes ago, TallGuyJohninBKK said:

 

That's a head scratcher, Nancy.... assuming we're still talking about a foreign NON spouse or NON dependant.

 

In the sense that until such a non U.S. Citizen has actually inherited some cache of U.S. assets, they presumably wouldn't have any U.S. tax filing obligation -- which would seem to render them ineligible for an ITIN.

 

But you're suggesting, in order to get the actual inheritance, such a person would need an ITIN. If true, that would seem to be a Catch 22. Can't get the ITIN without the tax filing-inducing inheritance. Can't get the inheritance without the ITIN.

 

I do wonder if the notion of "can't get the U.S. inheritance without a SSN or ITIN" is really true...  Or, perhaps one of us is missing something somewhere on this topic...  But it would be good to get a more definitive answer, especially of what all this would mean for non spouse and non dependent beneficiaries.

 

 

Edit:  OK, I see where you've answered your own question.

[TallGuyJohninBKK]

1 minute ago, NancyL said:

Edit:  OK, I see where you've answered your own question.

 

Maybe!!!   The upshot of the above seems to be that a NRA (non spouse, non dependant) heir can apply to the IRS for an ITIN. But it doesn't clearly say when, in advance once designated an heir, or only once the owner of the estate has died...

 

But the more puzzling part to me is, when I did the ITIN app for my wife, I never remember reading anything that talked about NRA non-spouses or non-dependants being able to apply. But here, it seems to suggest they can.

 

It's also not quite clear to me from above that when an American dies and their NRA beneficiary does NOT have a SSN or ITIN....

--Does that mean as you suggested that they simply can't receive the funds, or

--Does it mean as the lawyer reference mentions above that they can receive the funds, but only AFTER 30% mandatory withholding has been deducted by the executor or trustee to satisfy the IRS.

 

Edited July 20, 2018 by TallGuyJohninBKK

[TallGuyJohninBKK]

This advice below also seems to suggest than a NRA can inherit U.S. assets without having a SSN or ITIN -- but could get hit with a mandatory NRA 30% withholding tax upfront to satisfy the IRS, unless there's a bilateral tax treaty between the two countries (as I believe there is between the US and Thailand) that has other provisions.

 

http://www.foxnews.com/story/2004/06/13/ira-tips-for-non-us-residents.html

 

I'd like to name my [NRA] mother as the beneficiary of my IRA in the event something happens to me. Obviously, she doesn't have a Social Security number. Could you tell me if this is possible?
 

Quote

 

You most definitely CAN name your Italian mother as the beneficiary of your IRA even though she is a foreign citizen. Ed Slott, a CPA who writes extensively on the topic of IRAs, says naming someone who does not have a Social Security number will not affect you while you are alive. In other words, it won't change the amount the IRA owner is required to withdraw when they reach age 70 1/2.
 

However, if you were to die before your mother and she inherited your IRA, then the fact that she is not a U.S. citizen will be a factor. A "beneficiary" IRA* can only be established if the person inheriting the account has a tax Social Security number. Since this is not possible, it also means that your mother cannot "stretch" out the IRA and just take out a minimum amount each year over her own life expectancy. Your mom's only choice would be to withdraw the value of your IRA in a lump sum.
 

However, before the check would be sent to her, your IRA provider would have to subtract a "Non-resident Withholding" tax of 30% unless there is a tax treaty between Italy and the United States that would enable her to claim a lower rate. (See IRS Publication 515 for more information about foreign withholding tax.)

 

 

 

 

Edited July 20, 2018 by TallGuyJohninBKK

[James2020]

8 hours ago, TallGuyJohninBKK said:

 

James, thanks very much for a very clear and comprehensive answer on the questions I had raised. Much appreciated. My wife is a Thai citizen, of course, so the Vanguard "beneficiary must be a US citizen" policy wouldn't work for us. Nor am I sure I'd want all of my assets invested entirely in Vanguard funds... But, it's still very good info to know and a helpful contribution to this thread!

 

Just curious, in your exploration, did you ever get into the question with Vanguard of WHY they were requiring that any beneficiary be only a U.S. citizen?

 

No, I didn't.  I assume it's to keep everything simpler, as the above discussion points out.  I remember that my US attorney told us that if my wife became a US citizen, it would "make everything a lot easier..."  

[NancyL]

My experience is limited and in the end the person got an ITIN to avoid the 30% withholding and the problem with one payee flat out refusing to pay because an ITIN/SSN couldn't be filled out on their form.  (I think if this point had been pushed, they could have been convinced to withhold 30%, but this wasn't necessary once an ITIN was obtained)

[JLCrab]

I spoke recently with a large bank retirement specialist and, to name as a beneficiary on a certificate of deposit (CD), at least at their bank, does not require that the beneficiary be a US citizen or have any US or non-US ID or tax number.

[TallGuyJohninBKK]

12 hours ago, TallGuyJohninBKK said:

 

Maybe!!!   The upshot of the above seems to be that a NRA (non spouse, non dependant) heir can apply to the IRS for an ITIN. But it doesn't clearly say when, in advance once designated an heir, or only once the owner of the estate has died...

 

 

One last thing on this re non spouse NRA ITINs.  I was reading a LONG IRS publication last night that gave an example of getting an ITIN when someone receives an unexpected sudden source of income. And the example they gave was a foreigner without a SSN or ITIN goes to Las Vegas and wins $5K gambling.

 

According to the IRS publication, the casino itself would have the ability as an IRS approved "acceptance agent" to apply for an "expedited" ITIN on behalf of the gambling winner in order to make the winnings payout. And in their example, if on a weekday, supposedly the ITIN could be issued that same day. And if on a weekend, the casino could pay out the winnings then and then apply for an ITIN on behalf of the winner once Monday came after having made the payout.

 

So, perhaps some kind of similar arrangement would be available to a financial entity tasked with making a beneficiary payout to a NRA who doesn't already have a SSN or ITIN.

 

And obviously, it certainly indicates that you don't only have to be a NRA spouse of a U.S. citizen in order to apply for an ITIN, or at least, have an acceptance agent apply on your behalf. Perhaps because the receipt of the gambling winnings would have triggered the requirement for the recipient to file a federal tax return and thus need an ITIN.
 

Quote

 

A Certified Acceptance Agent is a person or an entity (business or organization) who, pursuant to a written agreement with the IRS, is authorized to assist individuals and other foreign persons who do not qualify for a Social Security Number but who still need a Taxpayer Identification Number (TIN)

 

 

 

 

 

https://www.irs.gov/pub/irs-pdf/p515.pdf

 

Edited July 21, 2018 by TallGuyJohninBKK

[TallGuyJohninBKK]

BTW, here is the IRS's list of acceptance agents in Thailand:

 

https://www.irs.gov/individuals/international-taxpayers/acceptance-agents-thailand

 

And, there's also a note on the IRS website re ITINs these days saying that older ITINs issued before 2013 with certain numbers will expire at the end of 2018. I didn't know ITINs could expire.

 

Quote

Your ITIN may expire before you file a tax return in 2019. All ITINs not used on a federal tax return at least once in the last three years will expire on December 31, 2018. Additionally, all ITINs issued before 2013 with middle digits of 73, 74, 75, 76, 77, 81, or 82 (Example: (9XX-73-XXXX) will also expire at the end of the year.

Quote If you need to file a tax return in 2019, IRS recommends you submit a Form W-7, Application for IRS Individual Taxpayer Identification Number, or Form W-7(SP), Solicitud de Número del Identificación Personal del Contribuyente del Servicio de Impuestos Internos, now to renew your ITIN. As a reminder, ITINs with middle digits 70, 71, 72, 78, 79 or 80 that expired in 2016 & 2017 can also be renewed.     https://www.irs.gov/individuals/individual-taxpayer-identification-number

Edited July 21, 2018 by TallGuyJohninBKK

[TallGuyJohninBKK]

2 hours ago, JLCrab said:

I spoke recently with a large bank retirement specialist and, to name as a beneficiary on a certificate of deposit (CD), at least at their bank, does not require that the beneficiary be a US citizen or have any US or non-US ID or tax number.

 

I wonder if the important term there is "to name".  As in yes, you can name someone now without an ITIN or SSN.  I think that right/ability has been pretty well confirmed here.

 

But I think the more interesting question is, what's that bank going to do or say once the beneficiary actually is ready to receive the inherited funds/CD and still doesn't have an ITIN or SSN at that point.

 

Is the bank, perhaps as an IRS acceptance agent, going to apply for an ITIN on behalf of the beneficiary, as in my casino gambling winnings example above from the IRS publication?  Or tell the beneficiary they have to apply for an ITIN themselves at that point in order to receive the inherited funds?

 

Edited July 21, 2018 by TallGuyJohninBKK

[scorecard]

13 hours ago, TallGuyJohninBKK said:

 

I'm not a Thai lawyer, but I do understand some aspects of the local law.... AFAIK, a Thai will, no matter how valid, cannot override the statutory provisions of Thai family law pertaining to community property. In other words, normally, a husband can't simple decide to disinherit a wife from her marital share of the estate.

 

Basically, separated but still married (which is what I assume you mean by estranged) doesn't change the community property issue, at least unless it's long-term. Just because they're married legally but living apart or whatever, that doesn't change the estate issues.

 

If they had some legal (emphasis on the term legal) agreement where the wife waived all her rights to community property in exchange for some lump sum payout, that MIGHT mean something. However, there's also a provision on Thai law that says contracts of any kind between a legally married husband and wife can be voided unilaterally either either side any time during the marriage or up to one year thereafter.  So on the subject of the legal agreement payout, I'd have my doubts.  But that would be an attorney point to check about.

 

IMHO, many Thai lawyers are shysters and may know less about actual Thai law that you'd learn from reading a book.  And I think the average Thai has minimal knowledge of what the law actually says and requires. So if needed, hopefully you can find a competent family law attorney.

 

 

 

Thanks for the lecture.

 

My son, and myself, are well aware of everything you mention.

 

What you don't know, and I'm not going to put it here, is some additional facts / circumstances.

 

My son is very serious to get this right and he consulted two credible lawyers.

 

Again, thanks for the lecture.

 

 

 

[TallGuyJohninBKK]

3 minutes ago, scorecard said:

Again, thanks for the lecture.

 

 

If by "lecture", you mean sharing my knowledge based on the info you presented in your prior post here where you voluntarily and publicly posted all those details, you're welcome...

 

[JLCrab]

2 hours ago, TallGuyJohninBKK said:

 

<snip> But I think the more interesting question is, what's that bank going to do or say once the beneficiary actually is ready to receive the inherited funds/CD <snip2>

 

The bank said that they should contact the bank with the proper documents no big deal.

[Langsuan Man]

Well my question sure did turn up a lot of posts

 

I have been told by several reliable sources that once I die and my will is probated it will be the executors responsibility to apply for and obtain an ITIN for the heir.  Even trying to short cut the probate system via the "survivor benefit" option for bank or brokerage accounts doesn't eliminate the requirement

 

My whole reason for wanting to obtain the ITIN in advance is to make the process easier and faster but that does not appear to be possible, as the lawyers like to say,  my heir doesn't have standing until such time as she is an actual heiress

 

My assets in Thailand are handled in a completely separate Thai Will  so good estate planning will be required to insure that there are enough funds available in Thailand while US probate and tax issues slowly move through the US system

 

The only time I know of , when ITIN were easily obtainable for spouses,  was several years ago when there was a tax rebate for married couples and the IRS was forced to issue ITIN's in mass for those eligible for the rebate.  Several friends obtained them that way BUT ITIN's must continue to be used or they are withdrawn if not used for tax filing

 

see:  https://www.irs.gov/newsroom/unused-itins-to-expire-after-five-years-new-uniform-policy-eases-burden-on-taxpayers-protects-itin-integrity

 

This may be the main reason an ITIN cannot be obtained in advance   

 

 

[TallGuyJohninBKK]

2 hours ago, Langsuan Man said:

My assets in Thailand are handled in a completely separate Thai Will  so good estate planning will be required to insure that there are enough funds available in Thailand while US probate and tax issues slowly move through the US system

 

I would think the goal, especially in a mixed international marriage, is to keep as much of one's estate out of probate as possible.

 

That can be done with pretty much all bank/savings accounts/CDs via POD designations.  And with most brokerage accounts via the comparable TOD designations, and both are available/open for non-resident alien spouses. Anything with either of those designations goes straight to the beneficiary in the U.S.

 

Real estate property is more complicated. For an all U.S. couple, that can be handled different ways, via trust ownership or things like joint tenants in common ownership titling on the deed. But I'm not sure if U.S. trusts for real estate are a good solution for a mixed/NRA marriage.

 

The good thing is, the U.S. estate tax exemption for 2108 is something like $11 million, so most of us probably won't have to worry about that. That's the exemption for any beneficiary or beneficiaries, including a NRA spouse.  But if the estate is going from a U.S. citizen spouse to a U.S. citizen spouse, then there's a marriage exemption for the estate tax that is unlimited.

 

 

 

[JLCrab]

4 hours ago, TallGuyJohninBKK said:

 

I would think the goal, especially in a mixed international marriage, is to keep as much of one's estate out of probate as possible.

<snip>

... and if a non-marriage, all of it.

[BEVUP]

I think at the end of the day once your gone it wont matter

The family will come around to check how much was given & share accordingly 

PS

It doesn't matter what level in society they are, it will still come down to mother /family & who's no: 1 

Edited July 22, 2018 by BEVUP

[TallGuyJohninBKK]

1 hour ago, BEVUP said:

I think at the end of the day once your gone it wont matter

The family will come around to check how much was given & share accordingly 

PS

It doesn't matter what level in society they are, it will still come down to mother /family & who's no: 1 

 

There's some truth to that, but that doesn't mean a forward thinking estate planner can't address that.

 

Things like annuities and assets put in U.S. trusts can be structured to provide lifetime monthly payments to the beneficiary/beneficiaries, at variously prescribed drawdown rates.

 

You don't have to leave an estate where one big lump sum suddenly gets dumped on someone, and all the sharks start circling. Unless of course, all you're leaving is the 800,000 baht deposit in one's retirement extension account.

 

 

[NancyL]

I suppose that if an 800,000 baht retirement visa account were part of a larger estate, there could be a provision that the account is left to a foreign trustee to roll into the larger estate to manage.  I don't know how difficult it is to move money out of Thailand for this reason, however.