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.
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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
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Estate Planning
- Revocable Trust
- Will and medical directives
- Transfer on Death account designation
- Life Insurance
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Investing
- 401(k) – will employer continue to allow a contribution
- IRA and Roth IRA
- Investment Account
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Real Estate
- Primary residence (Rent it out? Leave vacant? Sell?)
- Investment Property (How is it held? Who manages?)