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El. knyga: Cross-Border Family Wealth Guide: Advice on Taxes, Investing, Real Estate, and Retirement for Global Families in the U.S. and Abroad

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Foreword by , (University of Washington)
  • Formatas: PDF+DRM
  • Išleidimo metai: 03-Jan-2017
  • Leidėjas: John Wiley & Sons Inc
  • Kalba: eng
  • ISBN-13: 9781119234296
Kitos knygos pagal šią temą:
Cross-Border Family Wealth Guide: Advice on Taxes, Investing, Real Estate, and Retirement for Global Families in the U.S. and AbroadDidesnis paveikslėlis
  • Formatas: PDF+DRM
  • Išleidimo metai: 03-Jan-2017
  • Leidėjas: John Wiley & Sons Inc
  • Kalba: eng
  • ISBN-13: 9781119234296
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Make sense of international personal finance with expat-specific expert advice

The Global 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 Global Family Wealth Guide is the international family's solution for avoiding financial confusion.

Foreword xvii
Tim Kochis
Preface xix
Acknowledgments xxiii
About the Author xxv
Part I Financial Challenges of a Cross-Border Life
1(20)
Chapter 1 Who Are These Cross-Border Families?
3(9)
The Growing Need for a Definitive Guide
4(2)
Who's Who: Who This Book Is Meant to Serve
6(1)
Examples of Who Might Benefit from This Book
7(1)
Diagramming a Cross-Border Person: Residency and U.S. Income Tax Status
8(2)
How Many Cross-Border Professionals and Families Are There?
10(1)
Unique Challenges Faced by Cross-Border Families Connected to the United States
11(1)
Chapter 2 Unique Challenges and the Regulatory Landscape
12(9)
The Unequal Nature of Tax Regimes and Reach
12(1)
The Unique Worldwide Reach of the U.S. Tax System
13(1)
Complexity in Taxation and Other Regulations
14(1)
Scarcity of Professional Help and Information
15(2)
A Changing Legal, Financial, and Regulatory Landscape
17(2)
The Far Reach of the Foreign Account Tax Compliance Act (FATCA)
19(1)
Recommending Against Secretive Offshore Wealth Strategies
20(1)
Part II Saving and Investing: Building Your Personal Net Worth
21(46)
Chapter 3 Building a Strong Foundation
23(20)
Retirement Destination Unknown: Invest Globally
23(1)
Spreading It Around
24(1)
Wealth Creation and Accumulation
25(1)
Saving from Earnings
25(1)
Real Estate Ownership
26(1)
Stock-Based Compensation
27(1)
Entrepreneurs and Businesses Ownership
27(1)
Investment Gains and Reinvestment
28(1)
Inheritance
28(1)
Diversification: Protecting and Growing Wealth
28(1)
Considering Your Entire Balance Sheet
29(1)
The Meaning of "Diversification" versus "Asset Allocation"
30(1)
Spreading Thing Around
30(1)
Asset Allocation in Investment Portfolios
30(2)
A Well-Allocated Portfolio Can Still Lack Diversification
32(1)
Allocating Your Net Worth: A Balance Sheet Approach
32(1)
Six Primary Asset Categories
33(1)
Three Additional Items of Importance
33(1)
Cash and Cash Equivalents
33(1)
Personal Residences
34(1)
Income Property
35(1)
Publicly Traded Securities: Stocks and Bonds
36(1)
Bonds and Bond Funds (Fixed Income)
36(1)
Stocks and Stock Funds (Equities)
37(1)
Downsides of Owning Stocks
38(1)
Concentrated Business Ownership
39(1)
Personal Debt
40(1)
Collectibles and Other Hard Assets
41(1)
Other Private Investment Vehicles
41(1)
Conclusion
42(1)
Chapter 4 Investing in the Markets: Stocks and Bonds
43(24)
Three Important Attributes
43(1)
Easy Diversification
43(1)
No Active Involvement
43(1)
Source of Growth and Risk Control
44(1)
Stocks and Bonds Work Better Together
44(1)
Setting a Risk Objective
45(1)
Managing Emotions While Focusing on the Long Term
45(1)
Stock Picking---Maybe Not
46(1)
Investment Advice to Live By
47(1)
Avoiding the Herd Mentality
48(1)
Staying Calm in Times of Change
49(1)
Determining Investment Goals and Objectives
49(1)
Four Common Investor Objectives Defined
50(1)
Fundamental Investment Guidelines
51(1)
Low-Cost Passive Investing
52(1)
Tax Efficiency Is Huge
53(1)
Global Diversification for All
53(1)
Risk Control Through Asset Allocation
54(1)
Regular Rebalancing Adds Value: Don't Invest and Forget
54(1)
Strategic Versus Tactical Asset Allocation
55(1)
Strategic Asset Allocation (SAA)
55(1)
Tactical Asset Allocation (TAA)
55(1)
Take It Slow
56(1)
A Jurisdictional Review: Where to Hold Investments?
57(1)
Large Foreign Banks in Europe or Asia
58(1)
Have You Earned Your Own Private Banker?
58(1)
Not World-Class Investments
58(1)
Not World-Class Advice
59(1)
Tax Reporting and FATCA
59(1)
Large Offshore Private Banks
60(1)
Smaller Offshore Banks and Insurance Companies
61(1)
U.S. Brokerage Accounts
62(1)
Problems with Maintaining Accounts in the United States
63(1)
Foreign Residents with U.S. Accounts
64(1)
The Best Choice for Many People
65(2)
Part III 401(k)s, IRAs, and Other Pensions and Savings Plans
67(40)
Chapter 5 A Global Approach to 401(k)s and IRAs
69(11)
Investing Your Serious Money
69(1)
401(k) Plan Basics
70(1)
Key Benefits of 401(k) Plans
70(2)
Global Investing for a Global Retirement
72(1)
The Location of Underlying Assets Is What Matters
72(2)
401(k) Plans Lack a Global Perspective
74(1)
Inherent Currency Risks
74(2)
Target Date Funds: A Lot to Like and Dislike
76(1)
IRA Rollovers
76(1)
IRAs Offer Distinct Advantages
77(1)
Owning Real Estate Within an IRA
78(1)
Leave It Alone and Let It Grow
78(2)
Chapter 6 Unique Cross-Border 401(k) Issues
80(11)
A Lack of International Tax Agreement
81(1)
Do the Benefits of a 401(k) Follow You?
82(1)
International Tax Law Is Unclear
82(1)
The 401(k) Gets Respect
82(1)
Benefits May Travel with You, but Your Account Stays Put
83(1)
Taking It with You
84(1)
Must I File a U.S. Tax Return Because of a 401(k)?
84(1)
How Are Distributions Taxed?
85(1)
What If You Are Living Abroad When You Draw Out Money?
85(2)
Tax Withholdings on Distributions to Nonresidents
87(1)
Many U.S. Institutions Will Overwithhold Tax on Distributions
87(1)
How Are Foreign Residents Recovering U.S. Withholding Tax?
87(1)
Unreported Income Isn't Right
88(1)
Contributions to IRA Accounts While Living Abroad---Be Careful
89(2)
Chapter 7 Foreign Retirement Plans, Pensions, and Other Savings Accounts
91(16)
Foreign Retirement Plans
91(1)
U.S. Tax Treatment of Foreign Retirement Plans Is Often Unclear
92(1)
What Is Really Happening Now?
92(1)
Contributions by U.S. Citizens and Residents to Foreign Plans
93(1)
For U.S. Taxpayers: Foreign Contributions Typically Do Lower Taxes
93(1)
It Is Likely Not Being Reported to the IRS at All
94(1)
Best Planning of All---Save Now and Save Later
94(1)
Existing Foreign Retirement Accounts: The Real World
95(1)
Better International Reporting and Coordination Is Needed
96(1)
Investing Inside a Foreign Retirement Account
96(1)
High Fees and Poor Investments: A Headwind Against Growth
96(1)
Roth IRAs and Roth 401(k)s
97(1)
How to Get Money In
98(1)
Foreign Implications of Roth IRAs and Roth 401(k)s
99(1)
Roth Accounts Don't Speak Foreign Languages
99(1)
Traditional Pension Income
100(1)
Pensions Paid Across Borders
100(1)
U.S. Taxpayers Abroad with U.S. Pension Income
101(1)
Not Reporting to Foreign Authorities Is Risky
101(1)
U.S. Taxpayers Abroad with Foreign Pension Income
102(1)
Nonresidents Living Abroad with U.S. Pension Income
102(1)
Don't Claim to Be a U.S. Tax Resident When You Are Not
103(1)
Proper Tax Treatment
103(1)
Educational Savings: 529 Plans
104(1)
To Maximize Benefit, Start Very Young
105(1)
Foreign Residents Beware
105(1)
Finding Good Advice Is a Challenge
106(1)
Part IV Real Estate
107(36)
Chapter 8 Renting, Owning, and Investing
109(16)
Crazy for Real Estate
109(1)
Real Estate Appreciation Likely to Slow in Future
109(1)
Primary Residences and Vacation Homes
110(1)
Advantages to Owning Your Home
110(1)
Owning a Vacation Home
111(1)
The Process of Buying a Home in the United States
112(1)
Selling Expenses and Property Taxes
113(1)
Buy or Rent upon Arrival?
113(2)
When You Should Probably Own
115(1)
Real Estate as an Investment
115(1)
Before Even Considering an Investment
115(1)
Benefits (and Some Negatives) to Investing in Real Estate
116(1)
Property Types: Single-Family Homes Versus Commercial
117(1)
Types of Commercial Real Estate Assets
117(2)
Owning Property: Directly or with Other Investors
119(1)
Real Estate Partnerships
119(1)
To Rent Out or Sell a Former Home
120(1)
Why Turn Your Old Home into a Rental Property?
120(1)
Do You Like Fixing Toilets?
121(1)
You Have Three Years to Decide
121(1)
Cross-Border Situations Where a Home Is Left Behind
122(1)
Americans on the Move
122(1)
Foreign Nationals with U.S. Residency
122(1)
Foreigners Might Sell Before Becoming a U.S. Tax Resident
123(1)
Selling Before Entering the United States, When Gains Are Very Large
124(1)
Sale and Lease Back
124(1)
Chapter 9 Real Estate Taxation and Other Considerations
125(18)
Basic Tax Treatment of Real Estate
125(1)
Taxation of Primary Residences
125(1)
Tax-Free Gain on Sale of a Primary Residence
126(1)
The Treatment of Vacation Homes
127(1)
Taxation of Rentals and Other Investment Property
127(1)
Reducing Income Tax---A Shelter from the Tax Man
128(1)
Selling Investment Property---Calculating Taxable Gains
129(1)
Tax Basis and Accumulated Depreciation---Shifting Income Down
129(1)
Foreign Properties Often Not Reported to the IRS
130(1)
Go Ahead, It Won't Hurt Too Much
131(1)
It's Not Really "Forever"---But It Might Be
131(1)
Global Transparency Is Coming
132(1)
Foreign Property Gifted by Family Members
132(1)
Owning Property Inside of an IRA
133(1)
Rules to Be Carefully Followed
133(1)
Be Careful to Read the Fine Print
134(1)
Other Cross-Border Considerations
135(1)
Tax-Free Exchange of Investment Property---Doesn't Travel Well
135(1)
Sorry, This Only Works for U.S. Properties
136(1)
Avoid Owning Foreign Real Estate Through a Foreign Corporation
136(1)
Unique Currency Risk When Owning Property Abroad
137(1)
Strange Gains and Losses on the Retirement of Debt on Personal Residence
137(2)
Nonresident Aliens: Investing in the United States and the EB-5 Program
139(1)
Nonresident Aliens Investing in U.S. Real Estate
139(1)
Becoming a U.S. Resident---EB-5 Visas
140(1)
Estate Taxes on U.S. Property Owned by Nonresidents
140(1)
Risk of Estate Taxes with Foreign Property
140(3)
Part V Cross-Border Taxation
143(60)
Chapter 10 Understanding the Three Types of Cross-Border Families
145(20)
The Unique Complexities of Cross-Border Taxation
145(2)
Tax Profiles: Three Types of Cross-Border Families
147(1)
Type 1 Foreign Nationals in the United States
147(1)
Learning the U.S. Tax System
148(1)
Type 2 American Citizens and Permanent Residents Living Abroad
148(1)
Foreign Citizens Leaving the United States for Short-Term Assignments
149(1)
Expatriate Assignments and Tax-Equalized Employment Packages
150(1)
"Localized" Employment Contracts in Another Country
151(1)
Reducing U.S. Tax for Taxpayers Living Abroad
152(1)
Foreign Earned Income Exclusion
152(1)
Foreign Housing Exclusion
152(1)
Foreign Tax Credits
153(1)
Revoking the Foreign Earned Income Exclusion
153(1)
Likely U.S. Tax Liabilities for U.S. Taxpayers Abroad
154(1)
Type 3 Foreign Nationals with Assets in the United States
155(1)
Taxation by the IRS---On Passive U.S. Investments
156(1)
Interest Income, Dividends, and Capital Gains
157(1)
Rental Real Estate Property In the United States
157(1)
Overwithholding Tax on Bond Interest Inside a Fund
158(1)
Estate Tax Exemptions for Nonresidents
159(1)
Becoming a U.S. Resident for Tax Purposes
159(1)
Two Tests to Determine U.S. Residency
160(1)
Lawful Permanent Resident Test (the Green Card Test)
160(1)
Substantial Presence Test
161(1)
Situations When Taxed Only on U.S.-Sourced Income
162(1)
Tax Treaty Basics
163(2)
Chapter 11 U.S. Tax Overview: Federal and State
165(16)
Taxing Worldwide Income: The IRS Is Different
165(1)
Filing Deadlines
166(1)
Income Tax Overview
166(1)
Gross Income
167(1)
Deductions from Gross Income
168(1)
Itemized or Standard Deductions from AGI
168(1)
Personal Exemptions
169(1)
Final Taxable Income
169(1)
Understanding Marginal Tax Rates
169(1)
Lower Tax Rates on Capital Gains and Dividends
170(1)
Real Estate Rental Income
171(2)
Stock-Based Compensation: Options
173(1)
Stock-Based Compensation: Stock Grants and RSUs
173(1)
Exchange Rate Issues When Taxing Foreign Income
174(2)
State Income Taxes
176(1)
State Tax Returns Often Based on Federal Returns
176(1)
Different Treatments of Long-Term Capital Gains and Qualified Dividends
176(1)
State Tax Residency: Requirements and Termination
177(1)
When States Come Looking for You
178(1)
U.S. Tax Residents Living Abroad with State Tax Liabilities
179(1)
Avoiding Unnecessarily Becoming a State Resident in the First Place
179(2)
Chapter 12 Additional Tax-Planning Considerations
181(22)
Investing Outside of the United States---Avoiding PFIC Rules
181(1)
Passive Foreign Investment Corporations (PFICs) Explained
181(1)
Complex Reporting and Punitive Tax Treatment
182(2)
Advice on Foreign Accounts and PFIC
184(1)
Three PFIC Scenarios to Consider
185(1)
Foreign Asset Reporting and Tax Evasion
186(1)
Foreign Bank Account Reporting (FBAR) Requirements
187(1)
FBAR Penalties
188(1)
Other Foreign Asset Reporting: Form 8938
188(3)
Additional Foreign Asset Reporting
191(1)
Voluntary Offshore Disclosure Programs (OVPD)
191(1)
Other Forms of Taxation in the United States
192(1)
Social Security Taxes
192(1)
Social Security Tax Calculation
192(1)
Totalization Agreements
192(1)
Special Taxes on High-Earners
193(1)
Additional Medicare Taxes on Ordinary Income
193(1)
Net Investment Income Tax (NIIT)
194(1)
Gift and Estate Taxes
194(1)
Gift Taxes
195(1)
Estate Taxes
196(1)
Estate Taxes for Nonresidents
197(1)
Expatriation Tax (Exit Tax)
197(1)
Prearrival Planning
198(1)
Accelerate Gift Planning
199(1)
Accelerate Income When Possible
199(1)
Distribute Deferred Income When Possible
199(1)
Consider Realizing Gains Before Moving Here
200(1)
Review Existing Asset Structures Before Arriving
201(1)
Review Immigration and Visa Alternatives
201(2)
Part VI Retirement Planning
203(27)
Chapter 13 Planning for a Global Retirement
205(14)
Where to Retire? A Common Dilemma
205(1)
Being Near Family Is Most Important
206(1)
Plan to Retire Anywhere, to Maximize Flexibility
206(1)
Worldwide Planning Is Also Inherently More Complex
207(1)
Investing for Retirement
207(1)
Having Enough Money to Retire
208(1)
How Much Money Will You Need?
208(1)
First Question: What Will You Need to Live On?
208(1)
Second Question: What Are Your Sources of Ongoing Retirement Income?
209(1)
Third Question: Will Your Retirement Savings Make Up the Difference?
209(1)
Safe Withdrawal Rates: The 4 Percent Rule
210(1)
What Is a Successful Retirement?
211(1)
The Important Role of Financial Planning
211(1)
Longevity Risk Is Alive and Well
212(1)
Inheritance: Plan for It, But Don't Count on It
212(1)
Organizing and Optimizing Worldwide Income and Assets
213(1)
Assessing Sources of Income in Retirement
213(1)
Organizing Your Assets
214(1)
Cash and Cash Equivalents
215(1)
Qualified Accounts: 401(k)s, IRAs, and Other U.S. and Foreign Retirement Accounts
215(1)
Nonqualified Investment Accounts---Generally Holding Stocks and Bonds
216(1)
Concentrated Stock and Stock Options
217(1)
Real Estate
217(1)
Alternative Investments
217(1)
Currency Exposure: A Real Retirement Risk
218(1)
Chapter 14 Considerations for Cross-Border Retirees
219(11)
Tax Planning for Retirement
219(1)
Taxes on Pension and Social Security Income
219(1)
Taxes on Investment Income and Gains
219(1)
Taxes on Distributions from Qualified Accounts
220(1)
Taking Retirement Accounts with You
221(1)
Cash Management and Account Administration
221(1)
FATCA Fallout: Harder to Deal with Big International Banks
222(1)
Accessing Your Money
222(1)
Foreign Exchange Costs---Minimize Translations
223(1)
Efficient Cross-Border Money Transfers
223(1)
Social Security and Foreign Government Pensions
224(1)
Social Security Benefits Earned Are Usually Yours for Life
225(1)
Possible "Windfall Elimination" Reduction to Benefits
226(1)
Long-Term Viability and Ongoing Changes
226(1)
Filing for Benefits Early, on Time, or Late?
227(1)
Foreign Government Pensions
228(1)
Drawing on Tax-Deferred Accounts
228(1)
The Ordering of Withdrawals
229(1)
Conclusion 230(1)
An Overview of Key Points 230(4)
Final Thoughts and Words of Encouragement 234(1)
Index 235
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.
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