Taxes, Borders and Planning
Nothing starts a Monday like talking about life insurance, U.S. non-resident tax payers, excise tax and estate planning.
One of my families includes a retired executive of a U.S. based company, a Canadian physician and a U.S. entrepreneur. Retired executive has 401(k) income and deferred stock options. Prior to working with me, excess income was funding a Universal Life insurance policy owned by the executive & his wife. Since working with me, policy has changed ownership, and beneficiaries, to keep the policy out of the way of U.S. taxes. Then we spent a good amount of time on estate planning: one adult child is in Canada; one is in the U.S; we had just changed a significant asset and they were still accumulating assets. Tax planning changed the estate, now we needed to plan back to the more important goal of equal distribution of a cross-border estate.
Starting a plan, or a plan review, with who you are and what you want makes it easier to see potential problems and new opportunities.