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The Cross-Border Family Wealth Guide is the long-awaited financial handbook for cross border families, with expert insight from a financial advisor who specializes in expat issues. Whether you're an American living abroad, or foreign-born and living in the U.S., this book demystifies the complex issues surrounding the worldwide tax system, international information reporting, sensible investments, international real estate, and retirement planning. When your wealth crosses international borders, managing even the most mundane financial affairs can become wrought with time-consuming complexity; moving money, opening accounts, dealing with currency risks and translation, and setting up investments suddenly involves a whole new set of rules and regulations. Your 401(k), IRA, or annuity must be handled properly to retain certain tax benefits, and retirement planning takes on a brand new dimension of difficulty. This book shows you how to navigate the maze to make sure your money keeps working for you. Real world examples illustrate solutions to common problems, and real, actionable advice gives you a solid plan for your next steps.
While personal finance management is rarely simple, the recent crackdown on tax havens and increased tax collection vigilance has made things even more difficult for cross border families. This book answers your questions, and shines a light on the way forward to long-term financial security for international families.
* Navigate the complexities of international taxation
* Get specific guidance on retirement planning
* Make sense of how real estate fits into your financial picture
* Invest appropriately to maximize growth for the future
* Manage your assets and tax benefits across borders
With the right know-how, cross border professionals can make sensible investment and financial planning decisions, but credible guidance is rare and difficult to find. Simple and practical, with targeted advice, The Cross-Border Family Wealth Guide is the international family's solution for avoiding financial confusion.
The Cross-Border Family Wealth Guide is the long-awaited financial handbook for cross border families, with expert insight from a financial advisor who specializes in expat issues. Whether you're an American living abroad, or foreign-born and living in the U.S., this book demystifies the complex issues surrounding the worldwide tax system, international information reporting, sensible investments, international real estate, and retirement planning. When your wealth crosses international borders, managing even the most mundane financial affairs can become wrought with time-consuming complexity; moving money, opening accounts, dealing with currency risks and translation, and setting up investments suddenly involves a whole new set of rules and regulations. Your 401(k), IRA, or annuity must be handled properly to retain certain tax benefits, and retirement planning takes on a brand new dimension of difficulty. This book shows you how to navigate the maze to make sure your money keeps working for you. Real world examples illustrate solutions to common problems, and real, actionable advice gives you a solid plan for your next steps.
While personal finance management is rarely simple, the recent crackdown on tax havens and increased tax collection vigilance has made things even more difficult for cross border families. This book answers your questions, and shines a light on the way forward to long-term financial security for international families.
* Navigate the complexities of international taxation
* Get specific guidance on retirement planning
* Make sense of how real estate fits into your financial picture
* Invest appropriately to maximize growth for the future
* Manage your assets and tax benefits across borders
With the right know-how, cross border professionals can make sensible investment and financial planning decisions, but credible guidance is rare and difficult to find. Simple and practical, with targeted advice, The Cross-Border Family Wealth Guide is the international family's solution for avoiding financial confusion.
ANDREW FISHER is widely regarded as a leading wealth advisor to cross-border families. He frequently writes and speaks to the unique financial planning and investment complexities faced by international families, particularly when an individual is a tax resident of the United States. Andrew holds the CFA and CPA designations, and serves as president and founder of Worldview Wealth Advisors, an independent wealth management firm focused on financial planning and investment advice for cross-border families.
Foreword by Tim Kochis, JD, MBA, CFP® xvii
Preface xix
Acknowledgments xxiii
About the Author xxv
Part I: Financial Challenges of a Cross-Border Life 1
Chapter 1 Who Are These Cross-Border Families? 3
The Growing Need for a Definitive Guide 4
Who's Who: Who This Book Is Meant to Serve 6
Examples of Who Might Benefit from This Book 7
Diagramming a Cross-Border Person: Residency and U.S. Income Tax Status 8
How Many Cross-Border Professionals and Families Are There? 10
Unique Challenges Faced by Cross-Border Families Connected to the United States 11
Chapter 2 Unique Challenges and the Regulatory Landscape 12
The Unequal Nature of Tax Regimes and Reach 12
The Unique Worldwide Reach of the U.S. Tax System 13
Complexity in Taxation and Other Regulations 14
Scarcity of Professional Help and Information 15
A Changing Legal, Financial, and Regulatory Landscape 17
The Far Reach of the Foreign Account Tax Compliance Act (FATCA) 19
Recommending Against Secretive Offshore Wealth Strategies 20
Part II: Saving and Investing: Building Your Personal Net Worth 21
Chapter 3 Building a Strong Foundation 23
Retirement Destination Unknown: Invest Globally 23
Spreading It Around 24
Wealth Creation and Accumulation 25
Saving from Earnings 25
Real Estate Ownership 26
Stock-Based Compensation 27
Entrepreneurs and Businesses Ownership 27
Investment Gains and Reinvestment 28
Inheritance 28
Diversification: Protecting and Growing Wealth 28
Considering Your Entire Balance Sheet 29
The Meaning of "Diversification" versus "Asset Allocation" 30
Spreading Thing Around 30
Asset Allocation in Investment Portfolios 30
A Well-Allocated Portfolio Can Still Lack Diversification 32
Allocating Your Net Worth: A Balance Sheet Approach 32
Six Primary Asset Categories 33
Three Additional Items of Importance 33
Cash and Cash Equivalents 33
Personal Residences 34
Income Property 35
Publicly Traded Securities: Stocks and Bonds 36
Bonds and Bond Funds (Fixed Income) 36
Stocks and Stock Funds (Equities) 37
Downsides of Owning Stocks 38
Concentrated Business Ownership 39
Personal Debt 40
Collectibles and Other Hard Assets 41
Other Private Investment Vehicles 41
Conclusion 42
Chapter 4 Investing in the Markets: Stocks and Bonds 43
Three Important Attributes 43
Easy Diversification 43
No Active Involvement 43
Source of Growth and Risk Control 44
Stocks and Bonds Work Better Together 44
Setting a Risk Objective 45
Managing Emotions While Focusing on the Long Term 45
Stock Picking-Maybe Not 46
Investment Advice to Live By 47
Avoiding the Herd Mentality 48
Staying Calm in Times of Change 49
Determining Investment Goals and Objectives 49
Four Common Investor Objectives Defined 50
Fundamental Investment Guidelines 51
Low-Cost Passive Investing 52
Tax Efficiency Is Huge 53
Global Diversification for All 53
Risk Control Through Asset Allocation 54
Regular Rebalancing Adds Value: Don't Invest and Forget 54
Strategic Versus Tactical Asset Allocation 55
Strategic Asset Allocation (SAA) 55
Tactical Asset Allocation (TAA) 55
Take It Slow 56
A Jurisdictional Review: Where to Hold Investments? 57
Large Foreign Banks in Europe or Asia 58
Have You Earned Your Own Private Banker? 58
Not World-Class Investments 58
Not World-Class Advice 59
Tax Reporting and FATCA 59
Large Offshore Private Banks 60
Smaller Offshore Banks and Insurance Companies 61
U.S. Brokerage Accounts 62
Problems with Maintaining Accounts in the United States 63
Foreign Residents with U.S. Accounts 64
The Best Choice for Many People 65
Part III: 401(k)s, IRAs, and Other Pensions and Savings Plans 67
Chapter 5 A Global Approach to 401(k)s and IRAs 69
Investing Your Serious Money 69
401(k) Plan Basics 70
Key Benefits of 401(k) Plans 70
Global Investing for a Global Retirement 72
The Location of Underlying Assets Is What Matters 72
401(k) Plans Lack a Global Perspective 74
Inherent Currency Risks 74
Target Date Funds: A Lot to Like and Dislike 76
IRA Rollovers 76
IRAs Offer Distinct Advantages 77
Owning Real Estate Within an IRA 78
Leave It Alone and Let It Grow 78
Chapter 6 Unique Cross-Border 401(k) Issues 80
A Lack of International Tax Agreement 81
Do the Benefits of a 401(k) Follow You? 82
International Tax Law Is Unclear 82
The 401(k) Gets Respect 82
Benefits May Travel with You, but Your Account Stays Put 83
Taking It with You 84
Must I File a U.S. Tax Return Because of a 401(k)? 84
How Are Distributions Taxed? 85
What If You Are Living Abroad When You Draw Out Money? 85
Tax Withholdings on Distributions to Nonresidents 87
Many U.S. Institutions Will Overwithhold Tax on Distributions 87
How Are Foreign Residents Recovering U.S. Withholding Tax? 87
Unreported Income Isn't Right 88
Contributions to IRA Accounts While Living Abroad-Be Careful 89
Chapter 7 Foreign Retirement Plans, Pensions, and Other Savings Accounts 91
Foreign Retirement Plans 91
U.S. Tax Treatment of Foreign Retirement Plans Is Often Unclear 92
What Is Really Happening Now? 92
Contributions by U.S. Citizens and Residents to Foreign Plans 93
For U.S. Taxpayers: Foreign Contributions Typically Do Lower Taxes 93
It Is Likely Not Being Reported to the IRS at All 94
Best Planning of All-Save Now and Save Later 94
Existing Foreign Retirement Accounts: The Real World 95
Better International Reporting and Coordination Is Needed 96
Investing Inside a Foreign Retirement Account 96
High Fees and Poor Investments: A Headwind Against Growth 96
Roth IRAs and Roth 401(k)s 97
How to Get Money In 98
Foreign Implications of Roth IRAs and Roth 401(k)s 99
Roth Accounts Don't Speak Foreign Languages 99
Traditional Pension Income 100
Pensions Paid Across Borders 100
U.S. Taxpayers Abroad with U.S. Pension Income 101
Not Reporting to Foreign Authorities Is Risky 101
U.S. Taxpayers Abroad with Foreign Pension Income 102
Nonresidents Living Abroad with U.S. Pension Income 102
Don't Claim to Be a U.S. Tax Resident When You Are Not 103
Proper Tax Treatment 103
Educational Savings: 529 Plans 104
To Maximize Benefit, Start Very Young 105
Foreign Residents Beware 105
Finding Good Advice Is a Challenge 106
Part IV: Real Estate 107
Chapter 8 Renting, Owning, and Investing 109
Crazy for Real Estate 109
Real Estate Appreciation Likely to Slow in Future 109
Primary Residences and Vacation Homes 110
Advantages to Owning Your Home 110
Owning a Vacation Home 111
The Process of Buying a Home in the United States 112
Selling Expenses and Property Taxes 113
Buy or Rent upon Arrival? 113
When You Should Probably Own 115
Real Estate as an Investment 115
Before Even Considering an Investment 115
Benefits (and Some Negatives) to Investing in Real Estate 116
Property Types: Single-Family Homes Versus Commercial 117
Types of Commercial Real Estate Assets 117
Owning Property: Directly or with Other Investors 119
Real Estate Partnerships 119
To Rent Out or Sell a Former Home 120
Why Turn Your Old Home into a Rental Property? 120
Do You Like Fixing Toilets? 121
You Have Three Years to Decide 121
Cross-Border Situations Where a Home Is Left Behind 122
Americans on the Move 122
Foreign Nationals with U.S. Residency 122
Foreigners Might Sell Before Becoming a U.S. Tax Resident 123
Selling Before Entering the United States, When Gains Are Very Large 124
Sale and Lease Back 124
Chapter 9 Real Estate Taxation and Other Considerations 125
Basic Tax Treatment of Real Estate 125
Taxation of Primary Residences 125
Tax-Free Gain on Sale of a Primary Residence 126
The Treatment of Vacation Homes 127
Taxation of Rentals and Other Investment Property 127
Reducing Income Tax-A Shelter from the Tax Man 128
Selling Investment Property-Calculating Taxable Gains 129
Tax Basis and Accumulated Depreciation-Shifting Income Down 129
Foreign Properties Often Not Reported to the IRS 130
Go Ahead, It Won't Hurt Too Much 131
It's Not Really "Forever"-But It Might Be 131
Global Transparency Is Coming 132
Foreign Property Gifted by Family Members 132
Owning Property Inside of an IRA 133
Rules to Be Carefully Followed 133
Be Careful to Read the Fine Print 134
Other Cross-Border Considerations 135
Tax-Free Exchange of Investment Property-Doesn't Travel Well 135
Sorry, This Only Works for U.S. Properties 136
Avoid Owning Foreign Real Estate Through a Foreign Corporation 136
Unique Currency Risk When Owning Property Abroad 137
Strange Gains and Losses on the Retirement of Debt on Personal Residence 137
Nonresident Aliens: Investing in the United States and the EB-5 Program 139
Nonresident Aliens Investing in U.S. Real Estate 139
Becoming a U.S. Resident-EB-5 Visas...
| Erscheinungsjahr: | 2017 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 272 S. |
| ISBN-13: | 9781119234272 |
| ISBN-10: | 1119234271 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Fisher, Andrew |
| Hersteller: |
Wiley
John Wiley & Sons |
| Maße: | 236 x 159 x 32 mm |
| Von/Mit: | Andrew Fisher |
| Erscheinungsdatum: | 24.01.2017 |
| Gewicht: | 0,45 kg |
ANDREW FISHER is widely regarded as a leading wealth advisor to cross-border families. He frequently writes and speaks to the unique financial planning and investment complexities faced by international families, particularly when an individual is a tax resident of the United States. Andrew holds the CFA and CPA designations, and serves as president and founder of Worldview Wealth Advisors, an independent wealth management firm focused on financial planning and investment advice for cross-border families.
Foreword by Tim Kochis, JD, MBA, CFP® xvii
Preface xix
Acknowledgments xxiii
About the Author xxv
Part I: Financial Challenges of a Cross-Border Life 1
Chapter 1 Who Are These Cross-Border Families? 3
The Growing Need for a Definitive Guide 4
Who's Who: Who This Book Is Meant to Serve 6
Examples of Who Might Benefit from This Book 7
Diagramming a Cross-Border Person: Residency and U.S. Income Tax Status 8
How Many Cross-Border Professionals and Families Are There? 10
Unique Challenges Faced by Cross-Border Families Connected to the United States 11
Chapter 2 Unique Challenges and the Regulatory Landscape 12
The Unequal Nature of Tax Regimes and Reach 12
The Unique Worldwide Reach of the U.S. Tax System 13
Complexity in Taxation and Other Regulations 14
Scarcity of Professional Help and Information 15
A Changing Legal, Financial, and Regulatory Landscape 17
The Far Reach of the Foreign Account Tax Compliance Act (FATCA) 19
Recommending Against Secretive Offshore Wealth Strategies 20
Part II: Saving and Investing: Building Your Personal Net Worth 21
Chapter 3 Building a Strong Foundation 23
Retirement Destination Unknown: Invest Globally 23
Spreading It Around 24
Wealth Creation and Accumulation 25
Saving from Earnings 25
Real Estate Ownership 26
Stock-Based Compensation 27
Entrepreneurs and Businesses Ownership 27
Investment Gains and Reinvestment 28
Inheritance 28
Diversification: Protecting and Growing Wealth 28
Considering Your Entire Balance Sheet 29
The Meaning of "Diversification" versus "Asset Allocation" 30
Spreading Thing Around 30
Asset Allocation in Investment Portfolios 30
A Well-Allocated Portfolio Can Still Lack Diversification 32
Allocating Your Net Worth: A Balance Sheet Approach 32
Six Primary Asset Categories 33
Three Additional Items of Importance 33
Cash and Cash Equivalents 33
Personal Residences 34
Income Property 35
Publicly Traded Securities: Stocks and Bonds 36
Bonds and Bond Funds (Fixed Income) 36
Stocks and Stock Funds (Equities) 37
Downsides of Owning Stocks 38
Concentrated Business Ownership 39
Personal Debt 40
Collectibles and Other Hard Assets 41
Other Private Investment Vehicles 41
Conclusion 42
Chapter 4 Investing in the Markets: Stocks and Bonds 43
Three Important Attributes 43
Easy Diversification 43
No Active Involvement 43
Source of Growth and Risk Control 44
Stocks and Bonds Work Better Together 44
Setting a Risk Objective 45
Managing Emotions While Focusing on the Long Term 45
Stock Picking-Maybe Not 46
Investment Advice to Live By 47
Avoiding the Herd Mentality 48
Staying Calm in Times of Change 49
Determining Investment Goals and Objectives 49
Four Common Investor Objectives Defined 50
Fundamental Investment Guidelines 51
Low-Cost Passive Investing 52
Tax Efficiency Is Huge 53
Global Diversification for All 53
Risk Control Through Asset Allocation 54
Regular Rebalancing Adds Value: Don't Invest and Forget 54
Strategic Versus Tactical Asset Allocation 55
Strategic Asset Allocation (SAA) 55
Tactical Asset Allocation (TAA) 55
Take It Slow 56
A Jurisdictional Review: Where to Hold Investments? 57
Large Foreign Banks in Europe or Asia 58
Have You Earned Your Own Private Banker? 58
Not World-Class Investments 58
Not World-Class Advice 59
Tax Reporting and FATCA 59
Large Offshore Private Banks 60
Smaller Offshore Banks and Insurance Companies 61
U.S. Brokerage Accounts 62
Problems with Maintaining Accounts in the United States 63
Foreign Residents with U.S. Accounts 64
The Best Choice for Many People 65
Part III: 401(k)s, IRAs, and Other Pensions and Savings Plans 67
Chapter 5 A Global Approach to 401(k)s and IRAs 69
Investing Your Serious Money 69
401(k) Plan Basics 70
Key Benefits of 401(k) Plans 70
Global Investing for a Global Retirement 72
The Location of Underlying Assets Is What Matters 72
401(k) Plans Lack a Global Perspective 74
Inherent Currency Risks 74
Target Date Funds: A Lot to Like and Dislike 76
IRA Rollovers 76
IRAs Offer Distinct Advantages 77
Owning Real Estate Within an IRA 78
Leave It Alone and Let It Grow 78
Chapter 6 Unique Cross-Border 401(k) Issues 80
A Lack of International Tax Agreement 81
Do the Benefits of a 401(k) Follow You? 82
International Tax Law Is Unclear 82
The 401(k) Gets Respect 82
Benefits May Travel with You, but Your Account Stays Put 83
Taking It with You 84
Must I File a U.S. Tax Return Because of a 401(k)? 84
How Are Distributions Taxed? 85
What If You Are Living Abroad When You Draw Out Money? 85
Tax Withholdings on Distributions to Nonresidents 87
Many U.S. Institutions Will Overwithhold Tax on Distributions 87
How Are Foreign Residents Recovering U.S. Withholding Tax? 87
Unreported Income Isn't Right 88
Contributions to IRA Accounts While Living Abroad-Be Careful 89
Chapter 7 Foreign Retirement Plans, Pensions, and Other Savings Accounts 91
Foreign Retirement Plans 91
U.S. Tax Treatment of Foreign Retirement Plans Is Often Unclear 92
What Is Really Happening Now? 92
Contributions by U.S. Citizens and Residents to Foreign Plans 93
For U.S. Taxpayers: Foreign Contributions Typically Do Lower Taxes 93
It Is Likely Not Being Reported to the IRS at All 94
Best Planning of All-Save Now and Save Later 94
Existing Foreign Retirement Accounts: The Real World 95
Better International Reporting and Coordination Is Needed 96
Investing Inside a Foreign Retirement Account 96
High Fees and Poor Investments: A Headwind Against Growth 96
Roth IRAs and Roth 401(k)s 97
How to Get Money In 98
Foreign Implications of Roth IRAs and Roth 401(k)s 99
Roth Accounts Don't Speak Foreign Languages 99
Traditional Pension Income 100
Pensions Paid Across Borders 100
U.S. Taxpayers Abroad with U.S. Pension Income 101
Not Reporting to Foreign Authorities Is Risky 101
U.S. Taxpayers Abroad with Foreign Pension Income 102
Nonresidents Living Abroad with U.S. Pension Income 102
Don't Claim to Be a U.S. Tax Resident When You Are Not 103
Proper Tax Treatment 103
Educational Savings: 529 Plans 104
To Maximize Benefit, Start Very Young 105
Foreign Residents Beware 105
Finding Good Advice Is a Challenge 106
Part IV: Real Estate 107
Chapter 8 Renting, Owning, and Investing 109
Crazy for Real Estate 109
Real Estate Appreciation Likely to Slow in Future 109
Primary Residences and Vacation Homes 110
Advantages to Owning Your Home 110
Owning a Vacation Home 111
The Process of Buying a Home in the United States 112
Selling Expenses and Property Taxes 113
Buy or Rent upon Arrival? 113
When You Should Probably Own 115
Real Estate as an Investment 115
Before Even Considering an Investment 115
Benefits (and Some Negatives) to Investing in Real Estate 116
Property Types: Single-Family Homes Versus Commercial 117
Types of Commercial Real Estate Assets 117
Owning Property: Directly or with Other Investors 119
Real Estate Partnerships 119
To Rent Out or Sell a Former Home 120
Why Turn Your Old Home into a Rental Property? 120
Do You Like Fixing Toilets? 121
You Have Three Years to Decide 121
Cross-Border Situations Where a Home Is Left Behind 122
Americans on the Move 122
Foreign Nationals with U.S. Residency 122
Foreigners Might Sell Before Becoming a U.S. Tax Resident 123
Selling Before Entering the United States, When Gains Are Very Large 124
Sale and Lease Back 124
Chapter 9 Real Estate Taxation and Other Considerations 125
Basic Tax Treatment of Real Estate 125
Taxation of Primary Residences 125
Tax-Free Gain on Sale of a Primary Residence 126
The Treatment of Vacation Homes 127
Taxation of Rentals and Other Investment Property 127
Reducing Income Tax-A Shelter from the Tax Man 128
Selling Investment Property-Calculating Taxable Gains 129
Tax Basis and Accumulated Depreciation-Shifting Income Down 129
Foreign Properties Often Not Reported to the IRS 130
Go Ahead, It Won't Hurt Too Much 131
It's Not Really "Forever"-But It Might Be 131
Global Transparency Is Coming 132
Foreign Property Gifted by Family Members 132
Owning Property Inside of an IRA 133
Rules to Be Carefully Followed 133
Be Careful to Read the Fine Print 134
Other Cross-Border Considerations 135
Tax-Free Exchange of Investment Property-Doesn't Travel Well 135
Sorry, This Only Works for U.S. Properties 136
Avoid Owning Foreign Real Estate Through a Foreign Corporation 136
Unique Currency Risk When Owning Property Abroad 137
Strange Gains and Losses on the Retirement of Debt on Personal Residence 137
Nonresident Aliens: Investing in the United States and the EB-5 Program 139
Nonresident Aliens Investing in U.S. Real Estate 139
Becoming a U.S. Resident-EB-5 Visas...
| Erscheinungsjahr: | 2017 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 272 S. |
| ISBN-13: | 9781119234272 |
| ISBN-10: | 1119234271 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Fisher, Andrew |
| Hersteller: |
Wiley
John Wiley & Sons |
| Maße: | 236 x 159 x 32 mm |
| Von/Mit: | Andrew Fisher |
| Erscheinungsdatum: | 24.01.2017 |
| Gewicht: | 0,45 kg |
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