Ep 56: Financial Planning Challenges In The Cross-border Space

I was a guest on the Smarter Planner Podcast hosted by Belle. The conversation was so engaging that, with her permission, we're sharing it with you, our audience.

In this guest episode, Belle Osvath, CFP, and I discuss the financial challenges immigrants and foreign nationals on work visas face in the U.S., including navigating different financial systems, tax implications, and retirement planning.

I share insights on the importance of early financial education for immigrants and the need for collaboration among financial advisors.

The conversation also touches on the impact of recent policy changes on immigrants.

Takeaways

• Financial planning for immigrants requires understanding their cultural backgrounds.
• Many immigrants and planners are unaware of the complexities of the U.S. financial system.
• Early financial education can greatly benefit immigrants before they arrive in the U.S.
• Collaboration among financial advisors is crucial for effective cross-border planning.
• ax implications can vary significantly based on the client's home country.
• Retirement accounts in the U.S. may not align with foreign tax codes.
• Policy changes can create anxiety and uncertainty for immigrant clients - be prepared to deal with it.

Chapters

• 00:00 Understanding the Immigrant Financial Landscape
• 06:02 Navigating Financial Planning for Non-Immigrants
• 12:04 Cross-Border Financial Challenges
• 17:52 Retirement Planning and Tax Implications
• 23:49 The Impact of Policy Changes on Immigrants
• 25:59 The International Money Cafe Podcast

Episode Links and Resources

• Michael Kitces - Navigating Challenges When Investing For Work visa Holders
• Ep 43: How To Find A Great Cross-border Financial Planner

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The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.