65. Navigating Estate Planning: How Expats Can Avoid Unexpected Taxes | Moving to Europe with Paula Jones

What happens if you unexpectedly inherit money from a loved one while living abroad, especially when there’s no formal estate plan in place? As an American expat, both international and US tax laws can take a significant portion of your inheritance. Losing someone is hard enough, and navigating cross-border inheritance shouldn’t make it harder. Expats should review their estate plans and those of their loved ones before moving internationally and consider how their new country of residence will interact with global regulations because US citizens and green card holders are taxed on their worldwide income and estate, even when living abroad. In this episode of We’re The Brits In America, Richard Taylor – dual UK/US citizen and Chartered Financial Planner – speaks to Paula Jones – founder of Jones Estate Group, Inc – to talk about the pitfalls of estate planning as an American abroad. Richard and Paula discuss: ·     The intricacies of working globally and the decision-making process involved in potentially claiming residency in another country, like France or Portugal. ·     Principles around setting up estate plans both domestically and internationally, focusing on avoiding pitfalls such as adverse tax consequences. ·     The severity of exit taxes for expatriates and green card holders. ·     How international estate planning can intersect with tax obligations in both the US and prospective European countries. ·     The importance of cross-border estate planning and tax professionals to avoid costly DIY mistakes. More about We’re The Brits In America: With the right financial advice, landmines that threaten expat wealth can be avoided. Often encountered by US-connected expats, these financial landmines are more numerous, more hazardous, and less understood than almost anywhere else in the world. As a result, non-cross border professionals, wealth advisors, and even international advisors are often unaware of them. But don’t worry, We're The Brits In America has you covered.  We're The Brits In America is dedicated to helping ambitious US-connected expats and immigrants navigate those challenges — and thrive. Whether you’ve moved to the US for opportunity, or are an American seeking adventure and growth abroad, our job is to equip you with the tools and insights you need to succeed. Visit planfirstwealth.com to learn more about our services and connect with Richard Taylor on LinkedIn. -- 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.