Expat Wealth - Cross-Border Financial Advice for Expats in America and Americans Abroad

Working with cross-border attorneys who have expertise in both US and UK law is crucial for navigating the complexities of international estate planning. Luckily, we’ve got one here. Paula Jones is a cross-border estate planning attorney. She’s the principal and founder of Jones Estate Group, a law firm based in Philadelphia that serves clients across the US and internationally. 

Richard and Paula discuss the importance of working with cross-border attorneys who have expertise in both US and UK law, as well as the need for a network of advisors to navigate the complexities of international estate planning. 

If you are, as Paula refers to them, a multinational (you’ve got a business relationship with the US plus a non-US component), you’ll need to know the pitfalls of US federal and state estate taxes, inheritance taxes, and the differences in probate processes across states. Paula explains that probate fees and legal fees vary depending on the jurisdiction, and the process can be delayed if the probate office is backed up. Filled with the answers to the questions you need to know, this episode is a must for any multinational. 

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

With inflation easing to 2.9% for the first time in two years, we're now entering a particularly critical phase in the economic recovery. Richard and James are back in the trenches to guide you through it. As always, it’s about sticking to your investment plan during these volatile times.

What’s been the impact of interest rates on spending? Richard and James speculate that higher interest rates have, somewhat paradoxically, both curtailed economic activity and increased spending among wealthier consumers, due to higher returns on cash and fixed-income investments. 

Plus, watch out for financial scams! They’re getting increasingly sophisticated, targeting older people with large retirement savings. There’s a prominent scam called ‘pig butchering," where scammers isolate and manipulate victims, often by posing as legitimate entities like banks or government officials. Be vigilant, use safeguards such as two-factor authentication, different passwords, and be cautious with electronic payment platforms like Zelle. James highlights the importance of financial institutions and advisors playing their part, and being proactive in recognizing red flags to protect clients from falling victim to these scams.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

Do you know enough about living trusts? They’re a tax-neutral and effective tool in the US to avoid probate – BUT they can have severe UK tax implications for UK domiciliaries. Probate can be time-consuming, costly and cumbersome – especially in New York and California – so it makes sense to avoid if you can. 

To explore the options, Richard is joined once again by Aidan Grant, a senior associate at Collyer Bristow LLP. 

The use of a living trust can trigger significant inheritance tax liabilities in the UK. Transferring assets into such a trust can result in an immediate 20% inheritance tax charge on the value exceeding the UK’s nil-rate band (£325,000). It’s definitely something to be aware of. 

Plus, many more practical steps and considerations for domiciles.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

James and Richard are back once again in the financial trenches. The UK election is done and dusted, but there’s still much to discuss. 

The US elections are approaching and, as always, with them fears of a market downturn. Having a systematic investment plan during these volatile times is essential, as James explains. It can be difficult to go against our ingrained emotional and psychological impulses, but react to them at your peril! 

Plus, how to take control of your retirement: Rich and James analyse the best ways to get on top of savings and navigate the unpredictability of the stock market. 

In this episode: 

06:34: UK Election and Change in Government

12:24: The Power of Systematic Investing

17:36: Retirement Savings and Taking Control

22:31: Fear of Market Downturn and Investor Psychology

24:12: Market Volatility and Long-Term Returns

25:11: Navigating the Unpredictability of the Stock Market

29:25: Understanding Inflation and Unemployment Rates

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

A complex web of unique tax obligations could cost you millions – if you don’t know how to navigate it. 

In recent years, as global mobility has increased, so have the financial details for expats. The UK’s inheritance tax system, with its comparatively low exemption thresholds, poses significant challenges for Brits who’ve amassed substantial assets in the States. Whilst the US offers more generous exemptions, it has its own estate planning complexities. 

Navigating these waters requires more than just basic knowledge; it requires expert insight. Enter: Aidan Grant, Senior Associate in tax and trust planning at Collyer Bristow. He joins Richard on this week’s episode of Brits in America.

 You’ll gain knowledge of the intricacies of estate planning, domicile status and the pitfalls of living trusts – if you’re a Brit living in America, you simply can’t afford to miss this episode!

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

The US taxation system is unique, complex and significantly different from the UK’s. It demands proactive compliance due to its stringent reporting requirements and severe penalties for failing to do so.  

There’s a lot of noise in this space and a million different situations you could find yourselves in – that’s why it’s important to seek out cross-border tax experts for their niche advice.  

This week, Richard Taylor is joined by Chris McLemore, Partner at McLemore Konschnik, a London based boutique law firm of US lawyers specializing in tax, trust and estate planning advice for US citizens and green card holders and their businesses, whether based in the UK or internationally. 

They chat about the complex world of US tax compliance, particularly for British expatriates, and use their extensive knowledge to discuss why it's so crucial for expats to stay compliant with US tax laws, the common pitfalls they face, and the solutions available to them. 

Expect to gain knowledge on navigating streamlined procedures, the difference between wilful and non-wilful compliance and the potential penalties for failing to report foreign income and assets – if you’re a Brit living in America, this episode is packed full of essential information you simply can’t afford to miss. 

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

Richard Taylor recaps recurrent themes and issues he’s seen throughout his career as a financial planner, as well as the principles that he’s built up to tackle them head on.

Rich imparts practical advice on several key points which he says are fundamental to his belief system and are key to successful financial planning, making it in America, and living a fulfilling life.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

“You have to treat it as a foreign country; you have to make the same kind of preparation for market entry as if you were preparing to go into India or Indonesia or somewhere else.” 

That’s a quote from Duncan Edwards, guest on this episode of WTBIA. Despite the cultural similarities, treat the US like any foreign market – do your prep. Duncan is the CEO of the British American Business, a leading transatlantic trade organisation with 450 member companies. The BAB exists to strengthen trans-Atlantic business.

Preparation for market entry into the US, as a UK-based company, is critical, and that’s what Richard and Duncan discuss on the show. There’s a significant failure rate for companies attempting to enter the US market – Duncan explains how to avoid it. 

Plus, the influence of Brexit on global trade dynamics, and the unique characteristics of the various US states. 

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

Richard Taylor and James Boyle are back, bringing  you the latest reports and their unfiltered takes on what’s going in the world of US/UK cross-border investing and financial planning. 

Rich and James start with a look at how the markets behaved in May, which was generally very positive. As said many times on the show before, it’s important not be reactive or make emotional investment decisions. Current events influencing long-term investment strategies is a common mistake. Don’t touch that third rail!  

The conversation then turns to investment and tax implications for expats who may move back to the UK. What are the implications for reporting vs non-reporting funds? Avoid punitive tax liabilities with some key planning decisions.

Finally, the talk turns to  retirement (sadly not their own) and, citing a recent New York Times Magazine piece, the importance of having something to retire to. Have you thought about your retirement plan? It’s crucial to have one. James and Rich weigh up the pros and cons of retiring early against continuing to work in a consultancy role.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

Richard Taylor and Sean Kearney are in the trenches, giving you the latest reports and their unfiltered takes on what’s going in the world of investing and financial planning. Sean is the founder of Amvoy Wealth, an Irish/American financial planning and investment management firm based in Dublin and New York City. 

You need to understand dual taxation. The US and Irish tax systems shouldn’t be viewed in isolation; Sean explains how they interact and how they can impact your financial planning. There are tough penalties for failing to comply with tax obligations in both jurisdictions – the penalties for not doing it if you’re found out are pretty archaic, and they’ll hurt your bank account far worse than complying. 

The three key takeaways from this episode: 

1.     Complexity of Dual Taxation: Understanding and managing the tax responsibilities in two countries is crucial. Kearney points out, "We pay CGT in Ireland, we pay CGT in the US. But how does that work together?"

2.     Necessity of Specialized Advice: The importance of obtaining specialized financial and tax advice is a recurring theme. As Kearney explains, many advisors may not fully grasp the intricacies of international tax laws which can lead to severe consequences. "There's lots of people out there that pretend that they know what to do and from my experience they don't."

3.     Proactive Compliance: Rich and Sean stress the importance of being proactive rather than reactive when it comes to tax compliance and financial planning. As Sean says: "It's better to be going talking to the IRS than the IRS come looking for you." This proactive approach can prevent severe penalties and ensure smoother financial operations across borders.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.