We encourage you to read this article, "Kings of the Road" by Jeff Schlegel, published in the January 2010 issue of Financial Advisor, in which Nick is quoted.
Living in another country can be an exotic adventure. That is, until it comes time to fuss with your finances. Figuring out what to do with your taxes, retirement plans, real estate and other monetary matters across multiple jurisdictions can be a confusing mess that, if mishandled, could result in serious financial missteps. Just ask Treasury Secretary Timothy Geithner (more on that later).
In some cases, common sense financial planning for traditional, U.S.-based clients can be the wrong advice for cross-border clients. For Americans moving to Canada, consider what could happen with living trusts, a common estate planning tool in the U.S. “These aren’t flow-through entities in Canada like they are in the U.S.,” says Brian Wruk, president of Transition Financial Advisors Group in Gilbert, Ariz., a firm that specializes in advising expats on both sides of the U.S.-Canadian border.
