Four Important Pre-Departure Planning Tips

23 Aug

Four Important Pre-Departure Planning Tips

Four Important Pre-Departure Planning Tips

What to consider before you leave to work in another country

Berkeley, California – August 23, 2017

Working in another country can be incredibly rewarding, but the transition can also cause a great deal of stress. Times have changed, and to carefully navigate the switch to working abroad, you must consider a number of aspects to keep your financial life under control. With the pending uncertainty of foreign relations with the United States, we have put together a checklist of four important pre-departure steps to review to ensure a smooth and successful transition.   

  1. Employment Package: Read your expatriate package carefully

  • Tax equalization – Employer’s responsibility
  • Tax Localization – Employee’s responsibility
  • Will your employer pay for a CPA to prepare your local country taxes and US tax return?
  • Housing allowance – Employer will normalize your housing cost
  • Education allowance – Employer pay for a child’s education
  • Automobile allowance
  • Home Travel
  • International Health Insurance
  • Emergency repatriation
  1.  Estate Planning

  • Revocable Trust
  • Will and medical directives
  • Transfer on Death account designation
  • Life Insurance
  1. Investing

  • 401(k) – will employer continue to allow a contribution
  • IRA and Roth IRA
  • Investment Account
  1.  Real Estate

  • Primary residence (Rent it out? Leave vacant? Sell?)
  • Investment Property (How is it held? Who manages?)

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