Episodi
-
Ready to Master Your Finances in Israel? Discover the P4 Approach! đđ°
Are you an American living in Israel or planning to move and wondering how to take control of your financial future? This episode is your roadmap to building a personalized financial plan that aligns with your unique goals and circumstances, no matter where life takes you.
Meet the P4 Approachâa proven strategy to help you stay ahead in a complex, cross-border financial world:
Profile Vision: Get crystal-clear on where you stand financially and set meaningful goals. Profile Prism: Adapt swiftly to life's changes and market shifts by adjusting your goals regularly. Profile Pathfinder: Develop a custom strategy to reach your financial aspirations. Profile Portfolio: Craft and manage an investment portfolio that perfectly aligns with your needs.Join us as we dive deep into how to handle investments, manage risks, and make smart portfolio adjustments, all while preparing for whatever surprises life might throw your way. You'll gain actionable insights to create a resilient financial plan that not only minimizes unnecessary risks but also empowers you to thrive.
Curious how the P4 Approach can work for you? Head over to Profile Investment Services, Ltd. and schedule your free cross-border evaluation call today. Letâs discuss your unique needs and see how we can help you reach your financial goals!
-
Navigating major life transitions can be overwhelming, especially when your financial stability is at stake. Whether you're approaching retirement, considering a career change, facing a divorce, or dealing with an inheritance, each of these milestones presents unique challenges that require careful planning and informed decision-making. If you're an American living in Israel with U.S. investments, the complexity of these transitions can feel even more daunting. But with the right strategies in place, you can confidently manage these shifts and protect your financial future.
Retirement: Planning for a Smooth Transition
Retirement is often the most significant financial milestone that people prepare for, yet it can be filled with uncertainty. As you approach retirement, the question of how to sustain your lifestyle without a regular paycheck becomes paramount. Itâs not just about saving enough; itâs about knowing how to turn those savings into a steady income stream that will last through your retirement years. One of the key steps in this process is gathering the right information about your entitlements, such as Social Security and pensions, whether from the U.S. or Israel. Understanding how these benefits will support you and where your investments need to fill in the gaps is crucial.
Career Changes: Ensuring Financial Stability
Career transitions, whether planned or unexpected, can significantly impact your financial situation. Having a solid emergency fund is essential, but so is ensuring that your cash flow remains steady during the transition. This might involve careful budgeting, re-evaluating your investment strategy, or even considering a side income while you establish yourself in a new role. The key is to ensure that your finances are resilient enough to withstand the changes, allowing you to pursue your new career without financial stress.
Divorce: Protecting Your Financial Interests
Divorce is another major life event that requires careful financial planning. It's important to approach this transition with a clear understanding of your current expenses and what your financial life will look like post-divorce. Tracking your expenses, gathering documentation, and seeking advice only from qualified professionals are crucial steps in protecting your financial interests. Divorce can be emotionally and financially draining, but with the right preparation, you can navigate this difficult period while safeguarding your financial future.
Inheritance: Managing Cross-Border Assets
Inheriting assets from the U.S. while living in Israel adds a layer of complexity to an already challenging process. If you find yourself in this situation, it's vital to work with professionals who specialize in cross-border inheritances. Understanding the tax implications, gaining control of the assets, and making informed decisions about how to manage the inheritance are all steps that can help you maximize the benefits and minimize the stress associated with receiving an inheritance.
Health Crises: Planning for the Unexpected
Health crises are unpredictable, but you can prepare for them financially by having the right insurance in place. In Israel, the healthcare system provides a solid foundation, but additional insurance can offer peace of mind and financial protection in case of serious illness or long-term care needs. Evaluating your insurance coverage, understanding your potential out-of-pocket expenses, and ensuring you have the necessary financial buffers can help you manage these crises without derailing your financial plans.
Navigating life's major transitions requires more than just financial know-howâit requires a comprehensive strategy that considers your unique situation and long-term goals. Working with a financial advisor who understands the complexities of managing U.S. investments from Israel can provide you with the guidance and support you need to protect your wealth and ensure your financial stability.
Ready to secure your financial future? Contact us today to schedule a free cross-border financial evaluation. We'll help you navigate the complexities of these life transitions and develop a plan tailored to your needs. Schedule a call today!
Disclaimer: This article is for educational purposes only and should not be considered financial, legal, or tax advice. Please consult with a professional advisor to discuss your specific situation.
-
Episodi mancanti?
-
Understanding how behavioral finance impacts investment decisions is crucial for achieving long-term financial success. This episode dives into the psychological biases that often lead investors astray, such as overconfidence, loss aversion, and herd mentality. By recognizing these patterns, listeners can take control of their financial decisions, avoid common pitfalls, and build a more resilient portfolio. The discussion emphasizes the importance of setting clear goals, maintaining a diversified portfolio, and staying disciplined in the face of market fluctuations.
Key Takeaways:
Recognize and address common behavioral finance biases to improve investment decisions
Set clear financial goals and stick to a disciplined investment strategy
Diversify your portfolio to manage risk and enhance long-term returnsFor show notes and resources mentioned in the show, go to https://goldsteinongelt.com/personal-finance/are-your-emotions-sabotaging-your-investments
The information provided here is intended for educational purposes only and is not to be considered legal, tax, or investment advice. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.
-
Managing capital gains taxes is a critical aspect of financial planning, especially for cross-border investors with U.S. brokerage accounts who may be dealing with two (or more) tax jurisdictions. This episode explains the importance of understanding realized and unrealized gains, highlighting how misinterpreting these can lead to unexpected and often costly tax bills. The discussion focuses on the significance of proactively managing your portfolio and using key documents like your 1099 and December statements to ensure accurate tax filings.
By reviewing these documents carefully and working closely with your accountant, you can avoid common pitfalls and optimize your tax strategy. This episode also emphasizes the value of a collaborative approach between you, your financial advisor, and your accountant to minimize your tax liability effectively.
Key Takeaways:
Understand the difference between realized and unrealized gains to optimize your tax planning. Always review both your 1099 and December statements to ensure accurate tax filing. Collaborate with your accountant and financial advisor to develop a proactive strategy for minimizing capital gains taxes.Looking to dive deeper into tax-smart investing? Visit our blog for expert insights and strategies tailored for cross-border investors. Explore more here.
-
Overcoming money silence and fostering healthy financial dynamics within families are crucial for financial well-being. This episode delves into the challenges many face when it comes to discussing money with loved ones, especially across generations.
Learn how to break the taboo of money silence, establish open financial communication, and create a supportive environment for discussing financial matters with family members. This episode provides actionable advice on starting these conversations, navigating the complexities of family dynamics, and ensuring everyone is on the same page financially.
Key Takeaways:
Strategies to initiate open and honest financial conversations with family members. Understanding the importance of financial transparency and how it can strengthen family bonds. Tips for handling intergenerational financial discussions and overcoming common barriers.For more insights and detailed guidance, contact us here.
-
Ever wondered why inheriting money can feel like a burden instead of a blessing?
When you receive an inheritance, it's like a bittersweet hug from the past. Dealing with it can be both emotionally and financially challenging. This episode delves into the complexities of inheriting money and explores the psychological barriers that can prevent heirs from accepting their new assets. It offers practical strategies for managing inherited wealth and emphasizes the importance of taking ownership of inherited funds. Weâll address emotional hurdles and provide guidance on creating a financial plan that aligns with your personal goals and values.
Listeners will learn the importance of transforming inherited wealth into a personal financial asset, the impact of language on financial mindset, and the need to actively engage with inherited money. By the end, you'll have the knowledge to turn your inheritance into a powerful financial tool for your future.
Key Takeaways and Action Points:
Recognize and address the emotional challenges of accepting an inheritance. Create a personalized financial plan that reflects your own goals and values. Engage with your inherited assets by investing, budgeting, or donating to take full ownership.Discover more tips for managing your inheritance smoothly by checking out our blog now!
-
Donating appreciated stock can maximize charitable contributions and minimize tax liabilities. Recent changes in Israeli tax laws make this an ideal time for investors to leverage their appreciated stock holdings. Learn how to identify the best candidates in your portfolio for donation, understand core and satellite positions, and maintain a diversified portfolio.
Enhance your financial planning by avoiding hefty capital gains taxes and obtaining valuable tax credits. Discover expert insights on rebalancing your portfolio, maintaining diversification, and making impactful donations that align with your long-term goals.
Key Takeaways and Action Points:
Identify Profitable Positions: Review your portfolio to find stocks with significant unrealized gains as potential donation candidates. Evaluate Your Strategy: Consider which positions to hold for the long term and which to donate, keeping your overall financial goals in mind. Understand Tax Benefits: Learn about the tax advantages of donating appreciated stocks, including avoiding capital gains taxes and securing tax credits in Israel. Rebalance Your Portfolio: Optimize your asset allocation without adverse tax consequences.We do not provide tax advice. Be sure to consult with your own tax advisors before taking any steps discussed here.
Ready to optimize your charitable contributions and maximize your tax savings? Schedule a free Cross-Border Financial Evaluation call today for tailored advice and support. Schedule Your Free Call Now
-
Discover the Secrets of Estate Planning for Blended Families
Estate planning for blended families presents unique challenges and opportunities to ensure financial security for both spouses and children. In this episode, we delve into the intricacies of crafting a balanced estate plan that meets the needs of all family members. By exploring the use of trusts, wills, and strategic investments, we provide essential guidance on maintaining harmony and fairness while protecting your loved onesâ futures. (Note that we do not provide legal or tax advice, and the show is for educational purposes only.)
Tune in to learn how clear communication, thoughtful planning, and professional advice can help you navigate these complex dynamics.
Key Takeaways and Action Points:
Set Up a Trust: Discover why establishing a trust can secure your spouseâs financial future and ensure a fair inheritance for your children. Communicate Clearly: Learn how open discussions with family members can prevent conflicts and ensure everyone understands the estate plan. Consult Professionals: Find out how working with financial advisors and legal experts can help you create a comprehensive and effective estate plan tailored to your blended familyâs needs.Listen now to gain valuable insights and practical solutions to balance love and legacy in your blended family.
If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
-
Helping Your Adult Children Financially: Key Strategies
Navigating financial support for adult children requires balancing generosity with responsibility. It is essential to understand their needs and set clear boundaries to ensure that the aid you provide promotes independence rather than dependency. By being fair and transparent with all your children, you can maintain family harmony and encourage financial responsibility.
Differentiate between help and enablement: Provide structured support with clear expectations and timelines. Ensure fairness among siblings: Communicate openly about your reasons for various levels of support. Set boundaries: Encourage fiscal responsibility by having limits and setting goals. Long-term planning: Prioritize your financial health and consult a professional for personalized advice.If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
-
Discover how risky investment behaviors can jeopardize your financial well-being. Douglas Goldstein shares an eye-opening analogy to highlight the importance of risk assessment and diversification in protecting your portfolio. Learn valuable strategies to avoid common pitfalls and make informed decisions.
Key Takeaways:
Understand the importance of diversifying your investments. Learn how to properly assess risks vs. returns. Avoid emotional investing and discover tricks to think logically about your portfolio. Regularly review and adjust your portfolio based on life changes.If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
-
Discussing finances can be one of the most challenging aspects of marriage, yet it's essential for building a strong financial foundation. This episode explores effective strategies for how husbands and wives can talk about money without conflict. Learn how to align your financial goals, understand each otherâs values, and make joint financial decisions that strengthen your relationship. The conversation delves into common financial issues couples face and offers practical advice for navigating these discussions with ease and understanding.
Key Takeaways:
Understand the importance of aligning financial goals and values in a marriage. Learn strategies for open and effective financial communication between spouses. Discover ways to handle financial disagreements and make joint decisionsharmoniously.
For more insights and detailed strategies, visit our blog post on the website.Ready to take control of your financial future? Contact us today to schedule a consultation and start building a stronger, more harmonious financial life together.
-
Understanding U.S. tax obligations is crucial for expats to avoid severe penalties and maintain compliance with the IRS. Allen Pfeister, a U.S. tax expert, explains the complexities of tax filing requirements for Americans living abroad, emphasizing that citizenship status mandates continuous tax reporting, regardless of residence. Allen discusses the importance of understanding the Foreign Earned Income Exclusion and the Foreign Tax Credit, which can help reduce tax burdens. Additionally, Allen addresses common misconceptions and the critical need for proper reporting of foreign accounts to avoid hefty fines.
Key Takeaways:
1. US expats must file tax returns and report income, no matter where they live.
2. The Foreign Earned Income Exclusion and Foreign Tax Credit are essential tools for reducing tax liabilities.
3. Properly reporting foreign accounts is crucial to avoid significant penalties.
Make sure you have you taxes under control!
1. Review your tax filing obligations and ensure updated compliance with U.S. tax laws.
2. Utilize available tax benefits like the Foreign Earned Income Exclusion and Foreign Tax Credit.
3. Accurately report all foreign financial accounts to stay within legal requirements.
---
Disclaimer: The information provided in this podcast is for general informational purposes only and should not be considered tax advice. Neither Doug Goldstein, Allen Pfeister, nor any associated parties take responsibility for any actions taken based on the topics discussed. Viewers are encouraged to consult with a qualified tax professional regarding their specific tax situations and to ensure compliance with applicable laws and regulations.
The Goldstein On Gelt Show is a financial podcast. Click on the player below to listen. For show notes and resources mentioned in the show, go to https://goldsteinongelt.com/radio-show
-
Are you worried about having enough income in retirement? This episode dives into how dividend-paying ETFs can boost your monthly income in retirement. Youâll learn the basics of ETFs, discover how they generate a periodic income stream through dividends, and how to incorporate them into your investment portfolio.
We also explore alternative options like CDs (Certificates of Deposit - insured bank deposits) for those seeking more stability. Plus, if you have US investments and a foreign pension, we cover crucial cross-border financial planning tips. Tune in to find out how to enhance your retirement income and plan your financial future.
A few key takeaways from the show:
What ETFs are (and how they differ from traditional mutual funds) How ETFs generate an income stream How to incorporate ETFs into your investment portfolio How to build a cross-border investment portfolio strategicallyIf you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
-
Fear can paralyze you from making crucial financial decisions. This episode of The Goldstein On Gelt Show offers practical steps to overcome that fear and take control of your investments. Learn how to transform financial anxiety into confidence, set clear financial goals, and take manageable steps towards achieving them.
Some key takeaways:
Set Clear Financial Goals: Define specific financial objectives to guide your investment decisions. Knowing what you want to achieve helps to create a focused and purposeful strategy. Start with Small Steps: Overcome financial fear by taking manageable actions. Begin with simple tasks, like setting aside a small emergency fund or writing down your financial goals, to build momentum and confidence. Consult with a Financial Advisor: Work with a professional to gain personalized advice and strategies tailored to your financial situation. Regularly review and adjust your portfolio to stay on track with your evolving goals and market changes. Address Emotional Barriers: Recognize and confront the emotional aspects of money management. Understanding how fear impacts your financial decisions can help you take steps to manage it effectively. -
Discover how Certificates of Deposit (CDs) can offer stable and predictable investment opportunities, especially valuable for expatriates managing their finances from abroad. In this episode, Douglas Goldstein delves into the advantages of purchasing CDs through U.S. brokerage accounts, focusing on benefits for those living overseas, such as in Israel.
Learn the ins and outs of CDs within U.S. brokerage accounts, including FDIC insurance, diversification strategies to minimize risk, and the strategic advantage of creating a CD ladder to optimize returns over various terms.
Key topics include:
Simplifying management of diversified CDs through a single brokerage account Structuring a CD ladder to capture the best interest rates over time Navigating the secondary market for CDs to meet liquidity needs without incurring significant lossesIf you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
-
As we look towards retirement, the prospect of a long, fulfilling life is both a blessing and a challenge. With life expectancies on the rise, the crucial question we face is not just about living longer but ensuring our retirement funds do the same. This concern, widely known as longevity risk, is becoming a central theme in modern retirement strategies. It beckons us to rethink how we manage our finances, aiming for a balance that sustains us through more years than ever before.
Understanding Longevity Risk
Longevity risk can be likened to planning a long voyage. Just as you would ensure your ship is well-stocked for an extended journey, your retirement plan must be robust enough to support you well into your later years. This means not only saving enough but also investing in ways that provide steady, reliable income no matter how long your retirement lasts. As such, exploring diverse financial products and income streams becomes not just beneficial but essential.
Integrating Healthcare and Lifestyle into Your Financial Map
An often-overlooked aspect of retirement planning is the significant influence of lifestyle and healthcare decisions. Choices about daily activities, healthcare, and social interactions aren't just about enjoying retirement; they're strategic decisions that impact financial needs and outcomes. For example, regular exercise and a healthy diet can decrease the likelihood of severe health issues, which can in turn reduce future medical costs and help your retirement savings stretch further.
Key Strategies to Chart a Confident Course
1. Plan for the Long Haul: Recognize the reality that you might outlive your initial retirement savings. Delve into various financial instruments like annuities or dividend-yielding investments that can offer a consistent income stream well into the golden years.
2. Prepare for Healthcare Needs: Understand your insurance options and the potential long-term costs of healthcare. As traditional health insurance may not cover everything, it's wise to consider supplemental plans or long-term care insurance as part of your retirement strategy.
3. Maintain a Healthy and Engaged Lifestyle: An active approach to maintaining your health can be one of the most effective ways to influence your quality of life and financial health in retirement. Activities that keep you engagedâsocially, mentally, and physicallyâcan also mitigate healthcare costs and boost overall satisfaction.In Conclusion
The journey into retirement is complex and requires a thoughtful approach that goes beyond simple savings. By considering how to effectively manage longevity risk, integrate healthcare planning, and maintain an active lifestyle, you can better ensure that your retirement is as rewarding as it is long.
As always, it's important to consult with a professional to tailor these strategies to your personal circumstances. This article is for educational purposes only and is not intended as specific financial, legal, or tax advice.
-
Ever wondered about the best time to switch from a traditional IRA to a Roth IRA? Or what are the advantages of having a Roth IRA during a market dip? Or how an inherited IRA works if youâre living overseas?
Join host Douglas Goldstein to discover:
đ Whatâs a Roth Conversion?
đ Learn how a market downturn could be the perfect timing for a strategic Roth conversion, turning losses into potential long-term benefits
âïž Living Abroad with an IRA? Discover solutions to common issues U.S. expats face with managing their IRAs form abroad
đ€ Inherited an IRA? Learn the doâs and donâts to avoid common pitfalls that can lead to unnecessary taxes and complicationsDonât miss this informative and engaging episode tailored specifically for U.S. expats living in Israel or considering how to handle their finances effectively
đ§ Listen now on The Goldstein on Gelt Show and make sure your financial planning is as strategic and effective as possible.
If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
Optimizing IRA Investments and Roth Conversions for Expatriates
Navigating retirement planning as an expatriate often feels akin to exploring a complex maze. If youâre an expat with a U.S. Individual Retirement Account (IRA), understanding the subtleties and opportunities of managing these investments from abroad is critical. Letâs explore some essential strategies, including the underutilized Roth conversion, which could significantly refine your tax and investment planning.
Mastering IRA Fundamentals as an Expat
Itâs a common misconception that living outside the U.S. complicates the effective management of your IRA. In reality, while certain mutual funds may be inaccessible due to your overseas residence, alternatives like Exchange Traded Funds (ETFs) or index funds are often available. These options not only generally come with lower expense ratios, allowing more of your investment to actively grow, but they also adapt well to the unique needs of expatriates.
Roth IRA Conversions
A Roth IRA conversion, shifting funds from a traditional IRA (where contributions are tax-deferred) to a Roth IRA (where contributions are taxed upfront), is a potentially powerful strategic move. The appeal of a Roth IRA lies in its tax efficiency: the assets within grow tax-free, and distributions at retirement are not taxed in the U.S. This can be immensely beneficial if you expect to be in a higher tax bracket in the future, or if youâre looking for tax predictability amidst fluctuating rates.
Timing the Conversion
When considering a conversion, timing is everything. A downturn in the market might seem daunting, but converting your IRA during such periods means youâll pay taxes on a lower asset value. This sets the stage for tax-free growth once the market reboundsâa classic case of turning a setback into a golden opportunity for future gains.
Navigating Inherited IRAs
Inheriting an IRA presents unique challenges, particularly for expats. If the original account holder was U.S.-based and youâre living abroad, managing this can become complex, especially if your financial institution is not well-versed in dealing with expatriates. Partnering with firms that specialize in cross-border financial services can help ensure that the transition of your inherited IRA occurs smoothly and without unnecessary tax penalties.
Itâs crucial to work closely with your financial advisor and tax consultant to determine if a Roth conversion is right for your overall financial picture. Each personâs situation is different, requiring a customized strategy that considers both current circumstances and future goals. Regular check-ins with your financial team will help you stay aligned with the best strategies as your financial landscape changes.
Seeking Further Guidance?
If youâre uncertain about managing your IRA from abroad or are contemplating a Roth conversion, reaching out for professional advice is a wise step
Disclaimer: This article is for educational purposes only and not intended as specific financial, legal, or tax advice. Consult a licensed professional for advice tailored to your situation.
-
We all wish that one day weâll get a call that a distant family member, who lived a long and happy life, left us a large inheritance. What would you do if you inherited a substantial sum unexpectedly? The financial decisions that follow such an event are crucial.
Join Goldstein On Gelt host, Douglas Goldstein, CFPÂź and discover some considerations for managing newfound wealth in retirement, including the balance between capital growth of the inheritance and preservation, generating a steady income, and reducing risk. Learn some critical steps retirees must take to secure their financial future.
Some key takeaways:
Assess the needs of your portfolio based on current priorities and risk tolerance. Understand how the new wealth can change your portfolioâs balance. Seek a financial advisor who tailors a plan to your needs and risk tolerance Navigating an Inheritance During Retirement: A Practical GuidePicture this: You're comfortably settled into your retirement, your days filled with leisure and newfound hobbies, when out of the blue, you receive an inheritance. It's an unexpected windfall that promises to secure your financial futureâif managed wisely. But where do you begin? Let's explore how you can handle this boon with care and confidence.
Step One: Take Stock of Your Financial LandscapeBefore you let the excitement take over, pause and evaluate your current financial situation. How does this inheritance fit within your existing retirement plan? Itâs not just about adding a couple of zeroes to your savings account; itâs about integrating this amount in a way that supports your long-term financial health without overwhelming you. Start by assessing your income needs, your regular expenses, and how long you expect your current funds to last.
Step Two: Align Your Investments With Your Current NeedsAs a retiree, your financial priorities have likely shifted from growing your wealth to preserving it. Itâs crucial to review the inherited assetsâwhether theyâre stocks, bonds, or real estateâand ensure they align with your current lifestyle, which is presumably more focused on stability than risk. For instance, if the inheritance includes high-volatility stocks, consider rebalancing by investing in lower-risk options like bonds or bank deposits that offer steady, predictable returns.
Step Three: Rebalance Towards Income-Generating InvestmentsTransforming part of your investment portfolio into one that generates income can be a strategic move. This might include dividend-paying stocks, real estate investment trusts (REITs), and other assets that provide regular payouts. Such a shift not only offers a steady income stream but also helps preserve the core of your inheritance, allowing you to maintain your lifestyle without depleting the principal amount too hastily. Remember, these are not specific investment recommendations but rather ideas to discuss with a financial professional.
Step Four: Consult With a Financial AdvisorHandling an inheritance, especially a significant one, can get complex. Itâs wise to seek guidance from a financial advisor who can offer personalized advice suited to your situation. They can help you understand the tax implications of your new assets, suggest appropriate investment strategies, and plan for future needs such as healthcare or family support.
Step Five: Regularly Review Your Investment PortfolioAs the market fluctuates and your personal needs change, it's important to keep a close eye on your investments. Regular reviews and adjustments will ensure that your portfolio continues to meet your financial objectives and stays within your comfort zone regarding risk. This proactive approach can help you maximize the benefits of your inheritance.
Step Six: Honor Emotional ConnectionsInheriting assets from a loved one is not just a financial transaction; it can also be an emotional journey. Acknowledge these feelings and let them guide your decisions about the inheritance. While it might be meaningful to keep certain assets as they are to honor the benefactor, ensure that they align with your financial goals and risk tolerance.
By carefully considering these steps, you can ensure that your unexpected inheritance supports your retirement dreams in a meaningful and sustainable way. Itâs all about making your money work effectively for you, in harmony with both your current financial scenario and your aspirations for the future.
Note: This article is for educational purposes only and not to be taken as specific financial, legal, or tax advice. Always consult a professional for guidance tailored to your circumstances.
If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
-
Are you married to a non-US citizen? Make sure to protect your wealth! Estate taxes can cost you millions if you donât plan carefully.
What can you do about it?
Give lots of gifts when youâre alive! Discover how gifting to your spouse and children during your lifetime can help mitigate estate tax burdens Learn about the benefits of setting up a QDOT (Qualified Domestic Trust) and how it can defer estate tax, providing an income stream to your non-American spouse Understand the importance of discussing your estate plan with professionals, and ensuring clarity to avoid potential legal disputes in the futureThe insights shared in this episode could save you millions of dollars in estate tax (of course, that depends how much money you have)!
Remember, The Goldstein On Gelt Show and its host, Douglas Goldstein, are not tax advisors. Consult with your own tax professionals before making any changes.
If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
-
Managing U.S. pension plans and IRAs from abroad can be challenging. Difficulties with pension companies and tax consequences can be tough.
Discover the pros and cons of moving your pension plan into a U.S.-based IRA account, and how to effectively manage your portfolio.
Here are some key takeaways:
Evaluate your pension plan and consider the option of moving funds to an IRA with the help of an expert Research and find a suitable IRA account provider that caters to expatriates, offering reasonable fees and access to various investments Initiate the transfer of funds and work with a financial advisor to optimize the tax benefits and diversify the portfolio effectivelyMaximize your retirement savings, by making sure you have a well-built financial plan!
- Mostra di più
