{"product_id":"the-crossborder-family-wealth-guide-9781119234272","title":"The CrossBorder Family Wealth Guide","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003e\u003cb\u003eMake sense of international personal finance with expat-specific expert advice\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eThe Cross-Border Family Wealth Guide\u003c\/i\u003e is the long-awaited financial handbook for \u003ca\u003ecross border\u003c\/a\u003e 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 bra\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003c\/p\u003e\u003cp\u003eForeword by Tim Kochis, JD, MBA, CFP® xvii\u003c\/p\u003e \u003cp\u003ePreface xix\u003c\/p\u003e \u003cp\u003eAcknowledgments xxiii\u003c\/p\u003e \u003cp\u003eAbout the Author xxv\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I: Financial Challenges of a Cross-Border Life 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Who Are These Cross-Border Families? 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Growing Need for a Definitive Guide 4\u003c\/p\u003e \u003cp\u003eWho’s Who: Who This Book Is Meant to Serve 6\u003c\/p\u003e \u003cp\u003eExamples of Who Might Benefit from This Book 7\u003c\/p\u003e \u003cp\u003eDiagramming a Cross-Border Person: Residency and U.S. Income Tax Status 8\u003c\/p\u003e \u003cp\u003eHow Many Cross-Border Professionals and Families Are There? 10\u003c\/p\u003e \u003cp\u003eUnique Challenges Faced by Cross-Border Families Connected to the United States 11\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Unique Challenges and the Regulatory Landscape 12\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Unequal Nature of Tax Regimes and Reach 12\u003c\/p\u003e \u003cp\u003eThe Unique Worldwide Reach of the U.S. Tax System 13\u003c\/p\u003e \u003cp\u003eComplexity in Taxation and Other Regulations 14\u003c\/p\u003e \u003cp\u003eScarcity of Professional Help and Information 15\u003c\/p\u003e \u003cp\u003eA Changing Legal, Financial, and Regulatory Landscape 17\u003c\/p\u003e \u003cp\u003eThe Far Reach of the Foreign Account Tax Compliance Act (FATCA) 19\u003c\/p\u003e \u003cp\u003eRecommending Against Secretive Offshore Wealth Strategies 20\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II: Saving and Investing: Building Your Personal Net Worth 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Building a Strong Foundation 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRetirement Destination Unknown: Invest Globally 23\u003c\/p\u003e \u003cp\u003eSpreading It Around 24\u003c\/p\u003e \u003cp\u003eWealth Creation and Accumulation 25\u003c\/p\u003e \u003cp\u003eSaving from Earnings 25\u003c\/p\u003e \u003cp\u003eReal Estate Ownership 26\u003c\/p\u003e \u003cp\u003eStock-Based Compensation 27\u003c\/p\u003e \u003cp\u003eEntrepreneurs and Businesses Ownership 27\u003c\/p\u003e \u003cp\u003eInvestment Gains and Reinvestment 28\u003c\/p\u003e \u003cp\u003eInheritance 28\u003c\/p\u003e \u003cp\u003eDiversification: Protecting and Growing Wealth 28\u003c\/p\u003e \u003cp\u003eConsidering Your Entire Balance Sheet 29\u003c\/p\u003e \u003cp\u003eThe Meaning of “Diversification” versus “Asset Allocation” 30\u003c\/p\u003e \u003cp\u003eSpreading Thing Around 30\u003c\/p\u003e \u003cp\u003eAsset Allocation in Investment Portfolios 30\u003c\/p\u003e \u003cp\u003eA Well-Allocated Portfolio Can Still Lack Diversification 32\u003c\/p\u003e \u003cp\u003eAllocating Your Net Worth: A Balance Sheet Approach 32\u003c\/p\u003e \u003cp\u003eSix Primary Asset Categories 33\u003c\/p\u003e \u003cp\u003eThree Additional Items of Importance 33\u003c\/p\u003e \u003cp\u003eCash and Cash Equivalents 33\u003c\/p\u003e \u003cp\u003ePersonal Residences 34\u003c\/p\u003e \u003cp\u003eIncome Property 35\u003c\/p\u003e \u003cp\u003ePublicly Traded Securities: Stocks and Bonds 36\u003c\/p\u003e \u003cp\u003eBonds and Bond Funds (Fixed Income) 36\u003c\/p\u003e \u003cp\u003eStocks and Stock Funds (Equities) 37\u003c\/p\u003e \u003cp\u003eDownsides of Owning Stocks 38\u003c\/p\u003e \u003cp\u003eConcentrated Business Ownership 39\u003c\/p\u003e \u003cp\u003ePersonal Debt 40\u003c\/p\u003e \u003cp\u003eCollectibles and Other Hard Assets 41\u003c\/p\u003e \u003cp\u003eOther Private Investment Vehicles 41\u003c\/p\u003e \u003cp\u003eConclusion 42\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Investing in the Markets: Stocks and Bonds 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThree Important Attributes 43\u003c\/p\u003e \u003cp\u003eEasy Diversification 43\u003c\/p\u003e \u003cp\u003eNo Active Involvement 43\u003c\/p\u003e \u003cp\u003eSource of Growth and Risk Control 44\u003c\/p\u003e \u003cp\u003eStocks and Bonds Work Better Together 44\u003c\/p\u003e \u003cp\u003eSetting a Risk Objective 45\u003c\/p\u003e \u003cp\u003eManaging Emotions While Focusing on the Long Term 45\u003c\/p\u003e \u003cp\u003eStock Picking—Maybe Not 46\u003c\/p\u003e \u003cp\u003eInvestment Advice to Live By 47\u003c\/p\u003e \u003cp\u003eAvoiding the Herd Mentality 48\u003c\/p\u003e \u003cp\u003eStaying Calm in Times of Change 49\u003c\/p\u003e \u003cp\u003eDetermining Investment Goals and Objectives 49\u003c\/p\u003e \u003cp\u003eFour Common Investor Objectives Defined 50\u003c\/p\u003e \u003cp\u003eFundamental Investment Guidelines 51\u003c\/p\u003e \u003cp\u003eLow-Cost Passive Investing 52\u003c\/p\u003e \u003cp\u003eTax Efficiency Is Huge 53\u003c\/p\u003e \u003cp\u003eGlobal Diversification for All 53\u003c\/p\u003e \u003cp\u003eRisk Control Through Asset Allocation 54\u003c\/p\u003e \u003cp\u003eRegular Rebalancing Adds Value: Don’t Invest and Forget 54\u003c\/p\u003e \u003cp\u003eStrategic Versus Tactical Asset Allocation 55\u003c\/p\u003e \u003cp\u003eStrategic Asset Allocation (SAA) 55\u003c\/p\u003e \u003cp\u003eTactical Asset Allocation (TAA) 55\u003c\/p\u003e \u003cp\u003eTake It Slow 56\u003c\/p\u003e \u003cp\u003eA Jurisdictional Review: Where to Hold Investments? 57\u003c\/p\u003e \u003cp\u003eLarge Foreign Banks in Europe or Asia 58\u003c\/p\u003e \u003cp\u003eHave You Earned Your Own Private Banker? 58\u003c\/p\u003e \u003cp\u003eNot World-Class Investments 58\u003c\/p\u003e \u003cp\u003eNot World-Class Advice 59\u003c\/p\u003e \u003cp\u003eTax Reporting and FATCA 59\u003c\/p\u003e \u003cp\u003eLarge Offshore Private Banks 60\u003c\/p\u003e \u003cp\u003eSmaller Offshore Banks and Insurance Companies 61\u003c\/p\u003e \u003cp\u003eU.S. Brokerage Accounts 62\u003c\/p\u003e \u003cp\u003eProblems with Maintaining Accounts in the United States 63\u003c\/p\u003e \u003cp\u003eForeign Residents with U.S. Accounts 64\u003c\/p\u003e \u003cp\u003eThe Best Choice for Many People 65\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III: 401(k)s, IRAs, and Other Pensions and Savings Plans 67\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 A Global Approach to 401(k)s and IRAs 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvesting Your Serious Money 69\u003c\/p\u003e \u003cp\u003e401(k) Plan Basics 70\u003c\/p\u003e \u003cp\u003eKey Benefits of 401(k) Plans 70\u003c\/p\u003e \u003cp\u003eGlobal Investing for a Global Retirement 72\u003c\/p\u003e \u003cp\u003eThe Location of Underlying Assets Is What Matters 72\u003c\/p\u003e \u003cp\u003e401(k) Plans Lack a Global Perspective 74\u003c\/p\u003e \u003cp\u003eInherent Currency Risks 74\u003c\/p\u003e \u003cp\u003eTarget Date Funds: A Lot to Like and Dislike 76\u003c\/p\u003e \u003cp\u003eIRA Rollovers 76\u003c\/p\u003e \u003cp\u003eIRAs Offer Distinct Advantages 77\u003c\/p\u003e \u003cp\u003eOwning Real Estate Within an IRA 78\u003c\/p\u003e \u003cp\u003eLeave It Alone and Let It Grow 78\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Unique Cross-Border 401(k) Issues 80\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Lack of International Tax Agreement 81\u003c\/p\u003e \u003cp\u003eDo the Benefits of a 401(k) Follow You? 82\u003c\/p\u003e \u003cp\u003eInternational Tax Law Is Unclear 82\u003c\/p\u003e \u003cp\u003eThe 401(k) Gets Respect 82\u003c\/p\u003e \u003cp\u003eBenefits May Travel with You, but Your Account Stays Put 83\u003c\/p\u003e \u003cp\u003eTaking It with You 84\u003c\/p\u003e \u003cp\u003eMust I File a U.S. Tax Return Because of a 401(k)? 84\u003c\/p\u003e \u003cp\u003eHow Are Distributions Taxed? 85\u003c\/p\u003e \u003cp\u003eWhat If You Are Living Abroad When You Draw Out Money? 85\u003c\/p\u003e \u003cp\u003eTax Withholdings on Distributions to Nonresidents 87\u003c\/p\u003e \u003cp\u003eMany U.S. Institutions Will Overwithhold Tax on Distributions 87\u003c\/p\u003e \u003cp\u003eHow Are Foreign Residents Recovering U.S. Withholding Tax? 87\u003c\/p\u003e \u003cp\u003eUnreported Income Isn’t Right 88\u003c\/p\u003e \u003cp\u003eContributions to IRA Accounts While Living Abroad—Be Careful 89\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Foreign Retirement Plans, Pensions, and Other Savings Accounts 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eForeign Retirement Plans 91\u003c\/p\u003e \u003cp\u003eU.S. Tax Treatment of Foreign Retirement Plans Is Often Unclear 92\u003c\/p\u003e \u003cp\u003eWhat Is Really Happening Now? 92\u003c\/p\u003e \u003cp\u003eContributions by U.S. Citizens and Residents to Foreign Plans 93\u003c\/p\u003e \u003cp\u003eFor U.S. Taxpayers: Foreign Contributions Typically Do Lower Taxes 93\u003c\/p\u003e \u003cp\u003eIt Is Likely Not Being Reported to the IRS at All 94\u003c\/p\u003e \u003cp\u003eBest Planning of All—Save Now and Save Later 94\u003c\/p\u003e \u003cp\u003eExisting Foreign Retirement Accounts: The Real World 95\u003c\/p\u003e \u003cp\u003eBetter International Reporting and Coordination Is Needed 96\u003c\/p\u003e \u003cp\u003eInvesting Inside a Foreign Retirement Account 96\u003c\/p\u003e \u003cp\u003eHigh Fees and Poor Investments: A Headwind Against Growth 96\u003c\/p\u003e \u003cp\u003eRoth IRAs and Roth 401(k)s 97\u003c\/p\u003e \u003cp\u003eHow to Get Money In 98\u003c\/p\u003e \u003cp\u003eForeign Implications of Roth IRAs and Roth 401(k)s 99\u003c\/p\u003e \u003cp\u003eRoth Accounts Don’t Speak Foreign Languages 99\u003c\/p\u003e \u003cp\u003eTraditional Pension Income 100\u003c\/p\u003e \u003cp\u003ePensions Paid Across Borders 100\u003c\/p\u003e \u003cp\u003eU.S. Taxpayers Abroad with U.S. Pension Income 101\u003c\/p\u003e \u003cp\u003eNot Reporting to Foreign Authorities Is Risky 101\u003c\/p\u003e \u003cp\u003eU.S. Taxpayers Abroad with Foreign Pension Income 102\u003c\/p\u003e \u003cp\u003eNonresidents Living Abroad with U.S. Pension Income 102\u003c\/p\u003e \u003cp\u003eDon’t Claim to Be a U.S. Tax Resident When You Are Not 103\u003c\/p\u003e \u003cp\u003eProper Tax Treatment 103\u003c\/p\u003e \u003cp\u003eEducational Savings: 529 Plans 104\u003c\/p\u003e \u003cp\u003eTo Maximize Benefit, Start Very Young 105\u003c\/p\u003e \u003cp\u003eForeign Residents Beware 105\u003c\/p\u003e \u003cp\u003eFinding Good Advice Is a Challenge 106\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV: Real Estate 107\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Renting, Owning, and Investing 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCrazy for Real Estate 109\u003c\/p\u003e \u003cp\u003eReal Estate Appreciation Likely to Slow in Future 109\u003c\/p\u003e \u003cp\u003ePrimary Residences and Vacation Homes 110\u003c\/p\u003e \u003cp\u003eAdvantages to Owning Your Home 110\u003c\/p\u003e \u003cp\u003eOwning a Vacation Home 111\u003c\/p\u003e \u003cp\u003eThe Process of Buying a Home in the United States 112\u003c\/p\u003e \u003cp\u003eSelling Expenses and Property Taxes 113\u003c\/p\u003e \u003cp\u003eBuy or Rent upon Arrival? 113\u003c\/p\u003e \u003cp\u003eWhen You Should Probably Own 115\u003c\/p\u003e \u003cp\u003eReal Estate as an Investment 115\u003c\/p\u003e \u003cp\u003eBefore Even Considering an Investment 115\u003c\/p\u003e \u003cp\u003eBenefits (and Some Negatives) to Investing in Real Estate 116\u003c\/p\u003e \u003cp\u003eProperty Types: Single-Family Homes Versus Commercial 117\u003c\/p\u003e \u003cp\u003eTypes of Commercial Real Estate Assets 117\u003c\/p\u003e \u003cp\u003eOwning Property: Directly or with Other Investors 119\u003c\/p\u003e \u003cp\u003eReal Estate Partnerships 119\u003c\/p\u003e \u003cp\u003eTo Rent Out or Sell a Former Home 120\u003c\/p\u003e \u003cp\u003eWhy Turn Your Old Home into a Rental Property? 120\u003c\/p\u003e \u003cp\u003eDo You Like Fixing Toilets? 121\u003c\/p\u003e \u003cp\u003eYou Have Three Years to Decide 121\u003c\/p\u003e \u003cp\u003eCross-Border Situations Where a Home Is Left Behind 122\u003c\/p\u003e \u003cp\u003eAmericans on the Move 122\u003c\/p\u003e \u003cp\u003eForeign Nationals with U.S. Residency 122\u003c\/p\u003e \u003cp\u003eForeigners Might Sell Before Becoming a U.S. Tax Resident 123\u003c\/p\u003e \u003cp\u003eSelling Before Entering the United States, When Gains Are Very Large 124\u003c\/p\u003e \u003cp\u003eSale and Lease Back 124\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Real Estate Taxation and Other Considerations 125\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBasic Tax Treatment of Real Estate 125\u003c\/p\u003e \u003cp\u003eTaxation of Primary Residences 125\u003c\/p\u003e \u003cp\u003eTax-Free Gain on Sale of a Primary Residence 126\u003c\/p\u003e \u003cp\u003eThe Treatment of Vacation Homes 127\u003c\/p\u003e \u003cp\u003eTaxation of Rentals and Other Investment Property 127\u003c\/p\u003e \u003cp\u003eReducing Income Tax—A Shelter from the Tax Man 128\u003c\/p\u003e \u003cp\u003eSelling Investment Property—Calculating Taxable Gains 129\u003c\/p\u003e \u003cp\u003eTax Basis and Accumulated Depreciation—Shifting Income Down 129\u003c\/p\u003e \u003cp\u003eForeign Properties Often Not Reported to the IRS 130\u003c\/p\u003e \u003cp\u003eGo Ahead, It Won’t Hurt Too Much 131\u003c\/p\u003e \u003cp\u003eIt’s Not Really “Forever”—But It Might Be 131\u003c\/p\u003e \u003cp\u003eGlobal Transparency Is Coming 132\u003c\/p\u003e \u003cp\u003eForeign Property Gifted by Family Members 132\u003c\/p\u003e \u003cp\u003eOwning Property Inside of an IRA 133\u003c\/p\u003e \u003cp\u003eRules to Be Carefully Followed 133\u003c\/p\u003e \u003cp\u003eBe Careful to Read the Fine Print 134\u003c\/p\u003e \u003cp\u003eOther Cross-Border Considerations 135\u003c\/p\u003e \u003cp\u003eTax-Free Exchange of Investment Property—Doesn’t Travel Well 135\u003c\/p\u003e \u003cp\u003eSorry, This Only Works for U.S. Properties 136\u003c\/p\u003e \u003cp\u003eAvoid Owning Foreign Real Estate Through a Foreign Corporation 136\u003c\/p\u003e \u003cp\u003eUnique Currency Risk When Owning Property Abroad 137\u003c\/p\u003e \u003cp\u003eStrange Gains and Losses on the Retirement of Debt on Personal Residence 137\u003c\/p\u003e \u003cp\u003eNonresident Aliens: Investing in the United States and the EB-5 Program 139\u003c\/p\u003e \u003cp\u003eNonresident Aliens Investing in U.S. Real Estate 139\u003c\/p\u003e \u003cp\u003eBecoming a U.S. Resident—EB-5 Visas 140\u003c\/p\u003e \u003cp\u003eEstate Taxes on U.S. Property Owned by Nonresidents 140\u003c\/p\u003e \u003cp\u003eRisk of Estate Taxes with Foreign Property 140\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart V: Cross-Border Taxation 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Understanding the Three Types of Cross-Border Families 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Unique Complexities of Cross-Border Taxation 145\u003c\/p\u003e \u003cp\u003eTax Profiles: Three Types of Cross-Border Families 147\u003c\/p\u003e \u003cp\u003eType 1: Foreign Nationals in the United States 147\u003c\/p\u003e \u003cp\u003eLearning the U.S. Tax System 148\u003c\/p\u003e \u003cp\u003eType 2: American Citizens and Permanent Residents Living Abroad 148\u003c\/p\u003e \u003cp\u003eForeign Citizens Leaving the United States for Short-Term Assignments 149\u003c\/p\u003e \u003cp\u003eExpatriate Assignments and Tax-Equalized Employment Packages 150\u003c\/p\u003e \u003cp\u003e“Localized” Employment Contracts in Another Country 151\u003c\/p\u003e \u003cp\u003eReducing U.S. Tax for Taxpayers Living Abroad 152\u003c\/p\u003e \u003cp\u003eForeign Earned Income Exclusion 152\u003c\/p\u003e \u003cp\u003eForeign Housing Exclusion 152\u003c\/p\u003e \u003cp\u003eForeign Tax Credits 153\u003c\/p\u003e \u003cp\u003eRevoking the Foreign Earned Income Exclusion 153\u003c\/p\u003e \u003cp\u003eLikely U.S. Tax Liabilities for U.S. Taxpayers Abroad 154\u003c\/p\u003e \u003cp\u003eType 3: Foreign Nationals with Assets in the United States 155\u003c\/p\u003e \u003cp\u003eTaxation by the IRS—On Passive U.S. Investments 156\u003c\/p\u003e \u003cp\u003eInterest Income, Dividends, and Capital Gains 157\u003c\/p\u003e \u003cp\u003eRental Real Estate Property In the United States 157\u003c\/p\u003e \u003cp\u003eOverwithholding Tax on Bond Interest Inside a Fund 158\u003c\/p\u003e \u003cp\u003eEstate Tax Exemptions for Nonresidents 159\u003c\/p\u003e \u003cp\u003eBecoming a U.S. Resident for Tax Purposes 159\u003c\/p\u003e \u003cp\u003eTwo Tests to Determine U.S. Residency 160\u003c\/p\u003e \u003cp\u003eLawful Permanent Resident Test (the Green Card Test) 160\u003c\/p\u003e \u003cp\u003eSubstantial Presence Test 161\u003c\/p\u003e \u003cp\u003eSituations When Taxed Only on U.S.-Sourced Income 162\u003c\/p\u003e \u003cp\u003eTax Treaty Basics 163\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 U.S. Tax Overview: Federal and State 165\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTaxing Worldwide Income: The IRS Is Different 165\u003c\/p\u003e \u003cp\u003eFiling Deadlines 166\u003c\/p\u003e \u003cp\u003eIncome Tax Overview 166\u003c\/p\u003e \u003cp\u003eGross Income 167\u003c\/p\u003e \u003cp\u003eDeductions from Gross Income 168\u003c\/p\u003e \u003cp\u003eItemized or Standard Deductions from AGI 168\u003c\/p\u003e \u003cp\u003ePersonal Exemptions 169\u003c\/p\u003e \u003cp\u003eFinal Taxable Income 169\u003c\/p\u003e \u003cp\u003eUnderstanding Marginal Tax Rates 169\u003c\/p\u003e \u003cp\u003eLower Tax Rates on Capital Gains and Dividends 170\u003c\/p\u003e \u003cp\u003eReal Estate Rental Income 171\u003c\/p\u003e \u003cp\u003eStock-Based Compensation: Options 173\u003c\/p\u003e \u003cp\u003eStock-Based Compensation: Stock Grants and RSUs 173\u003c\/p\u003e \u003cp\u003eExchange Rate Issues When Taxing Foreign Income 174\u003c\/p\u003e \u003cp\u003eState Income Taxes 176\u003c\/p\u003e \u003cp\u003eState Tax Returns Often Based on Federal Returns 176\u003c\/p\u003e \u003cp\u003eDifferent Treatments of Long-Term Capital Gains and Qualified Dividends 176\u003c\/p\u003e \u003cp\u003eState Tax Residency: Requirements and Termination 177\u003c\/p\u003e \u003cp\u003eWhen States Come Looking for You 178\u003c\/p\u003e \u003cp\u003eU.S. Tax Residents Living Abroad with State Tax Liabilities 179\u003c\/p\u003e \u003cp\u003eAvoiding Unnecessarily Becoming a State Resident in the First Place 179\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Additional Tax-Planning Considerations 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvesting Outside of the United States—Avoiding PFIC Rules 181\u003c\/p\u003e \u003cp\u003ePassive Foreign Investment Corporations (PFICs) Explained 181\u003c\/p\u003e \u003cp\u003eComplex Reporting and Punitive Tax Treatment 182\u003c\/p\u003e \u003cp\u003eAdvice on Foreign Accounts and PFIC 184\u003c\/p\u003e \u003cp\u003eThree PFIC Scenarios to Consider 185\u003c\/p\u003e \u003cp\u003eForeign Asset Reporting and Tax Evasion 186\u003c\/p\u003e \u003cp\u003eForeign Bank Account Reporting (FBAR) Requirements 187\u003c\/p\u003e \u003cp\u003eFBAR Penalties 188\u003c\/p\u003e \u003cp\u003eOther Foreign Asset Reporting: Form 8938 188\u003c\/p\u003e \u003cp\u003eAdditional Foreign Asset Reporting 191\u003c\/p\u003e \u003cp\u003eVoluntary Offshore Disclosure Programs (OVPD) 191\u003c\/p\u003e \u003cp\u003eOther Forms of Taxation in the United States 192\u003c\/p\u003e \u003cp\u003eSocial Security Taxes 192\u003c\/p\u003e \u003cp\u003eSocial Security Tax Calculation 192\u003c\/p\u003e \u003cp\u003eTotalization Agreements 192\u003c\/p\u003e \u003cp\u003eSpecial Taxes on High-Earners 193\u003c\/p\u003e \u003cp\u003eAdditional Medicare Taxes on Ordinary Income 193\u003c\/p\u003e \u003cp\u003eNet Investment Income Tax (NIIT) 194\u003c\/p\u003e \u003cp\u003eGift and Estate Taxes 194\u003c\/p\u003e \u003cp\u003eGift Taxes 195\u003c\/p\u003e \u003cp\u003eEstate Taxes 196\u003c\/p\u003e \u003cp\u003eEstate Taxes for Nonresidents 197\u003c\/p\u003e \u003cp\u003eExpatriation Tax (Exit Tax) 197\u003c\/p\u003e \u003cp\u003ePrearrival Planning 198\u003c\/p\u003e \u003cp\u003eAccelerate Gift Planning 199\u003c\/p\u003e \u003cp\u003eAccelerate Income When Possible 199\u003c\/p\u003e \u003cp\u003eDistribute Deferred Income When Possible 199\u003c\/p\u003e \u003cp\u003eConsider Realizing Gains Before Moving Here 200\u003c\/p\u003e \u003cp\u003eReview Existing Asset Structures Before Arriving 201\u003c\/p\u003e \u003cp\u003eReview Immigration and Visa Alternatives 201\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VI: Retirement Planning 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Planning for a Global Retirement 205\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhere to Retire? A Common Dilemma 205\u003c\/p\u003e \u003cp\u003eBeing Near Family Is Most Important 206\u003c\/p\u003e \u003cp\u003ePlan to Retire Anywhere, to Maximize Flexibility 206\u003c\/p\u003e \u003cp\u003eWorldwide Planning Is Also Inherently More Complex 207\u003c\/p\u003e \u003cp\u003eInvesting for Retirement 207\u003c\/p\u003e \u003cp\u003eHaving Enough Money to Retire 208\u003c\/p\u003e \u003cp\u003eHow Much Money Will You Need? 208\u003c\/p\u003e \u003cp\u003eFirst Question: What Will You Need to Live On? 208\u003c\/p\u003e \u003cp\u003eSecond Question: What Are Your Sources of Ongoing Retirement Income? 209\u003c\/p\u003e \u003cp\u003eThird Question: Will Your Retirement Savings Make Up the Difference? 209\u003c\/p\u003e \u003cp\u003eSafe Withdrawal Rates: The 4 Percent Rule 210\u003c\/p\u003e \u003cp\u003eWhat Is a Successful Retirement? 211\u003c\/p\u003e \u003cp\u003eThe Important Role of Financial Planning 211\u003c\/p\u003e \u003cp\u003eLongevity Risk Is Alive and Well 212\u003c\/p\u003e \u003cp\u003eInheritance: Plan for It, But Don’t Count on It 212\u003c\/p\u003e \u003cp\u003eOrganizing and Optimizing Worldwide Income and Assets 213\u003c\/p\u003e \u003cp\u003eAssessing Sources of Income in Retirement 213\u003c\/p\u003e \u003cp\u003eOrganizing Your Assets 214\u003c\/p\u003e \u003cp\u003eCash and Cash Equivalents 215\u003c\/p\u003e \u003cp\u003eQualified Accounts: 401(k)s, IRAs, and Other U.S. and Foreign Retirement Accounts 215\u003c\/p\u003e \u003cp\u003eNonqualified Investment Accounts—Generally Holding Stocks and Bonds 216\u003c\/p\u003e \u003cp\u003eConcentrated Stock and Stock Options 217\u003c\/p\u003e \u003cp\u003eReal Estate 217\u003c\/p\u003e \u003cp\u003eAlternative Investments 217\u003c\/p\u003e \u003cp\u003eCurrency Exposure: A Real Retirement Risk 218\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Considerations for Cross-Border Retirees 219\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTax Planning for Retirement 219\u003c\/p\u003e \u003cp\u003eTaxes on Pension and Social Security Income 219\u003c\/p\u003e \u003cp\u003eTaxes on Investment Income and Gains 219\u003c\/p\u003e \u003cp\u003eTaxes on Distributions from Qualified Accounts 220\u003c\/p\u003e \u003cp\u003eTaking Retirement Accounts with You 221\u003c\/p\u003e \u003cp\u003eCash Management and Account Administration 221\u003c\/p\u003e \u003cp\u003eFATCA Fallout: Harder to Deal with Big International Banks 222\u003c\/p\u003e \u003cp\u003eAccessing Your Money 222\u003c\/p\u003e \u003cp\u003eForeign Exchange Costs—Minimize Translations 223\u003c\/p\u003e \u003cp\u003eEfficient Cross-Border Money Transfers 223\u003c\/p\u003e \u003cp\u003eSocial Security and Foreign Government Pensions 224\u003c\/p\u003e \u003cp\u003eSocial Security Benefits Earned Are Usually Yours for Life 225\u003c\/p\u003e \u003cp\u003ePossible “Windfall Elimination” Reduction to Benefits 226\u003c\/p\u003e \u003cp\u003eLong-Term Viability and Ongoing Changes 226\u003c\/p\u003e \u003cp\u003eFiling for Benefits Early, on Time, or Late? 227\u003c\/p\u003e \u003cp\u003eForeign Government Pensions 228\u003c\/p\u003e \u003cp\u003eDrawing on Tax-Deferred Accounts 228\u003c\/p\u003e \u003cp\u003eThe Ordering of Withdrawals 229\u003c\/p\u003e \u003cp\u003eConclusion 230\u003c\/p\u003e \u003cp\u003eAn Overview of Key Points 230\u003c\/p\u003e \u003cp\u003eFinal Thoughts and Words of Encouragement 234\u003c\/p\u003e \u003cp\u003eIndex 235\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49407015387479,"sku":"9781119234272","price":22.94,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781119234272.jpg?v=1730497884","url":"https:\/\/bookcurl.com\/products\/the-crossborder-family-wealth-guide-9781119234272","provider":"Book Curl","version":"1.0","type":"link"}