I am a father working in Japan planning to move to the US soon. My wife is a US citizen, son is a US permanent resident studying in a US college, and I am a nonresident alien. I would like to transfer my Japanese funds to the US to purchase a home in California. What is the best way to do this? Some questions I am thinking about are:
1) Whose bank account should I transfer the money to (to my US bank account, to my wife’s, to my son’s, and/or directly to escrow)?
2) If only my wife and my son are on the title, can ownership be split 90%-10% or does it have to be 50%-50%?
Any links and/or legal terms for me to research are very welcome. Thank you for your help!
Your wife and you should consult with an estate planning attorney to configure best structure for you including the house purchase and it's vesting and manner of payment. A non resident can own property but how you wish the percentages of ownership be made is a specific fact which you should consult with an attorney with. Good luck to you.
In addition to AVVO's disclaimer, please note that by this answer no attorney client relationship is intended mor entered into and unless there is a signed retainer agreement in place, neither me nor anyone in our office has intended to solicit clients nor reprints them. The answers are general in nature and without weighing specifics of particular query. No answer should be relied on in whole or in part, directly or otherwise to act or not to act in pursue of any of your potential claims in law or equity. You should consult with and obtain advise or representation of an attorney to protect your rights regarding your case or matter.
Your questions bring us issues that can affect income tax, capital gains tax, inheritance tax as well as creditor rights, family law and immigration.
It is best if you contact an attorney who can advise you.
Disclaimer: The above answer does not create an attorney/client relationship. My responses are intended to provide general information about the question posted. I am licensed to practice in the state of California and Texas. The information provided on this site should not be used as a substitute for conferring with or hiring a competent legal advice from a licensed attorney that practices in the subject area in your state.
The transfer of funds needs to be done in consultation with the lender unless you are paying for cash for the home. If outright cash for the entire purchase, the funds can be transferred to escrow. If you are getting a loan, then consult with the lender.
If your son is 18, he can be on title. You can have title reflect however you desire, but please consult with an attorney to understand the ramifications of joint ownership with your wife, son and so on. Ownership can be split 10 to 90 if that's what you want, but be sure you understand how living trusts and probate works too for owning property in California. A good estate planner can advise you on this issue as well.
As we must state: any information provided in this answer is not legal advice and your use of it does not create an attorney-client relationship.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline