The cross-border family wealth guide : advice on taxes, investing, real estate, and retirement for global families in the U.S. and abroad / Andrew Fisher ; foreword by Tim Kochis.

Format:

Book

Author/Creator:

Fisher, Andrew, 1971- author.

Contributor:

Kochis, Tim, writer of foreword.

Series:

THEi Wiley ebooks.

THEi Wiley ebooks

Language:

English

Subjects (All):

Americans--Foreign countries--Finance, Personal.

Americans.

Noncitizens--United States--Finance, Personal.

Noncitizens.

Families--Finance, Personal.

Families.

Estate planning.

Wealth--Management.

Wealth.

International finance.

Physical Description:

1 online resource (231 pages) : illustrations

Edition:

1st ed.

Place of Publication:

Hoboken, New Jersey : Wiley, 2017.

System Details:

Access using campus network via VPN at home (THEi Users Only).

Summary:

Make sense of international personal finance with expat-specific expert advice 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.

Contents:

Cover

Title Page

Copyright

Contents

Foreword by Tim Kochis, JD, MBA, CFP®

Preface

Acknowledgments

About the Author

Part I: Financial Challenges of a Cross-Border Life

Chapter 1: Who Are These Cross-Border Families?

The Growing Need for a Definitive Guide

Who's Who: Who This Book Is Meant to Serve

Examples of Who Might Benefit from This Book

Diagramming a Cross-Border Person: Residency and U.S. Income Tax Status

How Many Cross-Border Professionals and Families Are There?

Unique Challenges Faced by Cross-Border Families Connected to the United States

Chapter 2: Unique Challenges and the Regulatory Landscape

The Unequal Nature of Tax Regimes and Reach

The Unique Worldwide Reach of the U.S. Tax System

Complexity in Taxation and Other Regulations

Scarcity of Professional Help and Information

A Changing Legal, Financial, and Regulatory Landscape

The Far Reach of the Foreign Account Tax Compliance Act (FATCA)

Recommending Against Secretive Offshore Wealth Strategies

Part II: Saving and Investing: Building Your Personal Net Worth

Chapter 3: Building a Strong Foundation

Retirement Destination Unknown: Invest Globally

Spreading It Around

Wealth Creation and Accumulation

Saving from Earnings

Real Estate Ownership

Stock-Based Compensation

Entrepreneurs and Businesses Ownership

Investment Gains and Reinvestment

Inheritance

Diversification: Protecting and Growing Wealth

Considering Your Entire Balance Sheet

The Meaning of "Diversification'' versus "Asset Allocation''

Spreading Thing Around

Asset Allocation in Investment Portfolios

A Well-Allocated Portfolio Can Still Lack Diversification

Allocating Your Net Worth: A Balance Sheet Approach

Six Primary Asset Categories

Three Additional Items of Importance

Cash and Cash Equivalents.

Personal Residences

Income Property

Publicly Traded Securities: Stocks and Bonds

Bonds and Bond Funds (Fixed Income)

Stocks and Stock Funds (Equities)

Downsides of Owning Stocks

Concentrated Business Ownership

Personal Debt

Collectibles and Other Hard Assets

Other Private Investment Vehicles

Conclusion

Chapter 4: Investing in the Markets: Stocks and Bonds

Three Important Attributes

Easy Diversification

No Active Involvement

Source of Growth and Risk Control

Stocks and Bonds Work Better Together

Setting a Risk Objective

Managing Emotions While Focusing on the Long Term

Stock Picking-Maybe Not

Investment Advice to Live By

Avoiding the Herd Mentality

Staying Calm in Times of Change

Determining Investment Goals and Objectives

Four Common Investor Objectives Defined

Fundamental Investment Guidelines

Low-Cost Passive Investing

Tax Efficiency Is Huge

Global Diversification for All

Risk Control Through Asset Allocation

Regular Rebalancing Adds Value: Don't Invest and Forget

Strategic Versus Tactical Asset Allocation

Strategic Asset Allocation (SAA)

Tactical Asset Allocation (TAA)

Take It Slow

A Jurisdictional Review: Where to Hold Investments?

Large Foreign Banks in Europe or Asia

Have You Earned Your Own Private Banker?

Not World-Class Investments

Not World-Class Advice

Tax Reporting and FATCA

Large Offshore Private Banks

Smaller Offshore Banks and Insurance Companies

U.S. Brokerage Accounts

Problems with Maintaining Accounts in the United States

Foreign Residents with U.S. Accounts

The Best Choice for Many People

Part III: 401(k)s, IRAs, and Other Pensions and Savings Plans

Chapter 5: A Global Approach to 401(k)s and IRAs

Investing Your Serious Money

401(k) Plan Basics

Key Benefits of 401(k) Plans.

Global Investing for a Global Retirement

The Location of Underlying Assets Is What Matters

401(k) Plans Lack a Global Perspective

Inherent Currency Risks

Target Date Funds: A Lot to Like and Dislike

IRA Rollovers

IRAs Offer Distinct Advantages

Owning Real Estate Within an IRA

Leave It Alone and Let It Grow

Chapter 6: Unique Cross-Border 401(k) Issues

A Lack of International Tax Agreement

Do the Benefits of a 401(k) Follow You?

International Tax Law Is Unclear

The 401(k) Gets Respect

Benefits May Travel with You, but Your Account Stays Put

Taking It with You

Must I File a U.S. Tax Return Because of a 401(k)?

How Are Distributions Taxed?

What If You Are Living Abroad When You Draw Out Money?

Tax Withholdings on Distributions to Nonresidents

Many U.S. Institutions Will Overwithhold Tax on Distributions

How Are Foreign Residents Recovering U.S. Withholding Tax?

Unreported Income Isn't Right

Contributions to IRA Accounts While Living Abroad-Be Careful

Chapter 7: Foreign Retirement Plans, Pensions, and Other Savings Accounts

Foreign Retirement Plans

U.S. Tax Treatment of Foreign Retirement Plans Is Often Unclear

What Is Really Happening Now?

Contributions by U.S. Citizens and Residents to Foreign Plans

For U.S. Taxpayers: Foreign Contributions Typically Do Lower Taxes

It Is Likely Not Being Reported to the IRS at All

Best Planning of All-Save Now and Save Later

Existing Foreign Retirement Accounts: The Real World

Better International Reporting and Coordination Is Needed

Investing Inside a Foreign Retirement Account

High Fees and Poor Investments: A Headwind Against Growth

Roth IRAs and Roth 401(k)s

How to Get Money In

Foreign Implications of Roth IRAs and Roth 401(k)s

Roth Accounts Don't Speak Foreign Languages

Traditional Pension Income.

Pensions Paid Across Borders

U.S. Taxpayers Abroad with U.S. Pension Income

Not Reporting to Foreign Authorities Is Risky

U.S. Taxpayers Abroad with Foreign Pension Income

Nonresidents Living Abroad with U.S. Pension Income

Don't Claim to Be a U.S. Tax Resident When You Are Not

Proper Tax Treatment

Educational Savings: 529 Plans

To Maximize Benefit, Start Very Young

Foreign Residents Beware

Finding Good Advice Is a Challenge

Part IV: Real Estate

Chapter 8: Renting, Owning, and Investing

Crazy for Real Estate

Real Estate Appreciation Likely to Slow in Future

Primary Residences and Vacation Homes

Advantages to Owning Your Home

Owning a Vacation Home

The Process of Buying a Home in the United States

Selling Expenses and Property Taxes

Buy or Rent upon Arrival?

When You Should Probably Own

Real Estate as an Investment

Before Even Considering an Investment

Benefits (and Some Negatives) to Investing in Real Estate

Property Types: Single-Family Homes Versus Commercial

Types of Commercial Real Estate Assets

Owning Property: Directly or with Other Investors

Real Estate Partnerships

To Rent Out or Sell a Former Home

Why Turn Your Old Home into a Rental Property?

Do You Like Fixing Toilets?

You Have Three Years to Decide

Cross-Border Situations Where a Home Is Left Behind

Americans on the Move

Foreign Nationals with U.S. Residency

Foreigners Might Sell Before Becoming a U.S. Tax Resident

Selling Before Entering the United States, When Gains Are Very Large

Sale and Lease Back

Chapter 9: Real Estate Taxation and Other Considerations

Basic Tax Treatment of Real Estate

Taxation of Primary Residences

Tax-Free Gain on Sale of a Primary Residence

The Treatment of Vacation Homes

Taxation of Rentals and Other Investment Property.

Reducing Income Tax-A Shelter from the Tax Man

Selling Investment Property-Calculating Taxable Gains

Tax Basis and Accumulated Depreciation-Shifting Income Down

Foreign Properties Often Not Reported to the IRS

Go Ahead, It Won't Hurt Too Much

It's Not Really "Forever''-But It Might Be

Global Transparency Is Coming

Foreign Property Gifted by Family Members

Owning Property Inside of an IRA

Rules to Be Carefully Followed

Be Careful to Read the Fine Print

Other Cross-Border Considerations

Tax-Free Exchange of Investment Property-Doesn't Travel Well

Sorry, This Only Works for U.S. Properties

Avoid Owning Foreign Real Estate Through a Foreign Corporation

Unique Currency Risk When Owning Property Abroad

Strange Gains and Losses on the Retirement of Debt on Personal Residence

Nonresident Aliens: Investing in the United States and the EB-5 Program

Nonresident Aliens Investing in U.S. Real Estate

Becoming a U.S. Resident-EB-5 Visas

Estate Taxes on U.S. Property Owned by Nonresidents

Risk of Estate Taxes with Foreign Property

Part V: Cross-Border Taxation

Chapter 10: Understanding the Three Types of Cross-Border Families

The Unique Complexities of Cross-Border Taxation

Tax Profiles: Three Types of Cross-Border Families

Type 1: Foreign Nationals in the United States

Learning the U.S. Tax System

Type 2: American Citizens and Permanent Residents Living Abroad

Foreign Citizens Leaving the United States for Short-Term Assignments

Expatriate Assignments and Tax-Equalized Employment Packages

Localized'' Employment Contracts in Another Country

Reducing U.S. Tax for Taxpayers Living Abroad

Foreign Earned Income Exclusion

Foreign Housing Exclusion

Foreign Tax Credits

Revoking the Foreign Earned Income Exclusion.

Likely U.S. Tax Liabilities for U.S. Taxpayers Abroad.

Notes:

Includes index.

Description based on print version record.

ISBN:

9781119234296

1119234298

9781119234289

111923428X

9781119234302

1119234301

OCLC:

967938600