Transferring liquid assets from Japan to US
Hi, all. I have a friend who is a Japanese citizen with permanent residency in the US. She has resided here for multiple decades. She has investments in US dollars in Japan that she wants to liquidate and bring to the US, particularly since finding out about a supposed new Fbar enforcement.
She said that maybe she might just bring it in cash when traveling at under 10K increments. She is retired and wants to plan for inheritance for her adult children as well. Unfortunately, she’s old school and is more comfortable holding cash and does not have much knowledge around this subject. Ive never had to deal with foreign assets, but I don’t think this approach is ideal. I recommended she consult a tax attorney or well-versed accountant, but I really am out of my depth here. Can anyone provide some insight on the situation at hand and what she should ideally do in handling this effectively?