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I am an OCI card holder and having never worked in India, do not have any accounts to worry about over there.
While its uncomfortable to think about this, my parents keep telling me with passing years to do something about setting up joint accounts etc so I can transfer funds back and forth between the US and India.
Need advice on the best type of account to set up as joint account with my parents. They are currently citizens of India and reside in India with all assets (money, property etc) in India.
The key for me is complete repatriation, I have to be able to convert money freely from INR to US Dollars and viceversa. Just want to set up something that is completely legit so if my parents decide to move with me to the US etc, we won't be in a situation where we can't move their funds to the US.
The second thing I want some advice is regarding property. The house my parents live in is owned by them. Do I have to set up any legal documents so that asset properly transfers to my name if the unthinkable were to happen?
Any advice would be highly appreciated.
While its uncomfortable to think about this, my parents keep telling me with passing years to do something about setting up joint accounts etc so I can transfer funds back and forth between the US and India.
Need advice on the best type of account to set up as joint account with my parents. They are currently citizens of India and reside in India with all assets (money, property etc) in India.
The key for me is complete repatriation, I have to be able to convert money freely from INR to US Dollars and viceversa. Just want to set up something that is completely legit so if my parents decide to move with me to the US etc, we won't be in a situation where we can't move their funds to the US.
The second thing I want some advice is regarding property. The house my parents live in is owned by them. Do I have to set up any legal documents so that asset properly transfers to my name if the unthinkable were to happen?
Any advice would be highly appreciated.
