Financial Planning Domicile vs. Tax Residency: What Is Domicile and How Do You Change It? As a CPA and financial advisor, clients often ask me for ways to reduce taxes. Since the enactment of the Tax Cuts and Jobs Act of 2017, which limited state and local tax deductions to $10,000, many clients, particularly residents of high-tax states such as New Jersey, New York and Connecticut, have raised the question […]
Cross-Border Planning Receiving an Inheritance From Abroad: Special Considerations for U.S. Taxpayers It is increasingly common for individuals living in the United States or U.S. citizens living abroad to receive an inheritance from a non-U.S. person (for purposes of this article a non-U.S. person is defined as someone who is not a U.S. citizen, permanent resident or otherwise considered a U.S. domiciliary resident). Receiving an inheritance from […]
Cross-Border Planning Guide to Financial Planning for Non-U.S. Citizens Living in the United States Those living (or soon to be living) in the United States on a green card or U.S employment visa face many financial, tax and legal issues that average American citizens do not. Unfamiliarity with the U.S. tax and legal environment often leads to poor long-term financial planning decisions and costly mistakes. To make cross-border financial […]
Cross-Border Planning Retire in Italy? A New 7% Flat Tax May Incentivize U.S. Citizens Looking to Retire Abroad The idea of living abroad has gained in popularity for many U.S. citizens as they plan for how to spend their retirement years. Italy, an already popular retirement destination for many Americans, introduced a tax incentive in 2019 that may help further attract foreign retirees. Italy is home to some of the most historic architecture, […]
Cross-Border Planning Investing as an American Expat Increasingly, American citizens are moving overseas to advance their careers, to retire abroad or for family reasons. Living in another country is exciting but brings forth many new challenges. This includes adapting not only to a new culture but also a new financial, tax and legal system. Just like back home, advice from professionals is […]
