When Families Cross Borders: A Guide for Internationally Mobile People

 
9781894916943: When Families Cross Borders: A Guide for Internationally Mobile People
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From the back cover: For many, thoughts of an international lifestyle lead to visions of a glamourous and hassle-free existence. Though cross-border living can be rich and rewarding, it also comes with some significant challenges. Whether you are embarking on a short- or long-term overseas assignment, moving for love, are a dual citizen, are considering retiring abroad or are an advisor to people in any of these situations, this guide will provide valuable insight to the life and financial issues associated with cross-border living. Specific topics include: how residence, domicile and citizenship affect you; wealth transfer planning across borders; banking and credit matters; how the concepts of a life map and family mission statement can mitigate conflict.

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Review:

Jennifer Patterson uses her wisdom and experience to create a wonderful resource and absolutely thorough guidebook for families 'crossing borders' --Amy L. Roman, Executive Director, BR Anchor Publishing

Most people's lives are spent in one country, barring business and vacation travel. Their financial affairs are subject to the rules of their home country, where they pay their taxes, buy their homes and do what they can to keep body and soul together. For an increasing number of people...modern life involves being educated, living, working and investing in more than one country...For such people and their families, Jennifer A. Patterson, has written a book addressing the opportunities and challenges that such a lifestyle presents. This is an emerging field, in which resources are scarce. Mrs. Patterson, a US-licensed Certified Financial Planner practitioner, has assembled her thoughts in a coherent, logical and hugely useful fashion, and no one whose life crosses borders should be without a copy. The author accurately describes "When Families Cross Borders" as a guidebook. Given the complexities of international regulation and everyone's unique financial circumstances, no better word could apply. The book doesn't tell you what to do, but it points you in the right direction, forces you to consider your situation from all angles, and - perhaps best of all- invites you to think in the manner necessary to achieve the best possible financial outcome. In an introduction explaining the forces that shaped the person she became, Mrs. Patterson writes that the primary reason financial and regulatory issues never crossed her mind before she left her come country (the U.S.) "was that I was living my life and following my heart. And so it is with many people who lead international lives," she continues. "I can honestly relate to so many people who have moved first and thought about the financial and perhaps legal, ramifications later." Outlining her subjects, she writes: "Cross-border financial planning attempts to coordinate the technical areas of law, tax, investments, risk management, employee benefits and social insurance between two or more countries," which should provide an idea of just how important - or unimportant - the book might be to your life. The work is presented in four sections. The first addresses the need for financial planning. The second looks at the technical areas of a comprehensive financial plan, including the concepts of residence, domicile and citizenship. Thirdly, the author looks at areas such as international divorce, the custody and movement of children across international borders, expatriation for US citizens and non-residency status for Canadians. The final section reviews necessary action and provides additional resources. A chapter on family-owned businesses is also included. The reader may pick and choose the material that will help, although the book works well as a straight-through read. Most people who take the first step towards cross-border living do so in something of a frenzy of anticipation, accompanied by the chaos that usch a move entails. With all the excitement, there may not be time for planning. Most of those involved in the process of becoming internationally mobile will have no clue what might be entailed. In such a case, ignorance is not bliss; it can be financially dangerous. In planning, financially or otherwise, afterwards can be too late. Employers would do well to hand a copy of this book to anyone they intend to hire from overseas. Those who are already internationally mobile or possess dual citizenship should read it as a matter of urgency; whatever opportunities may have been lost, it's never too late to start to make things better. And those who never leave home might do well to read it and see what ideas it sparks. A timely work, written in a user-friendly fashion, and almost certain to make a difference to many, sooner or later. How much more can you ask for? --Roger Crombie, finance columnist and editor. Voted Best US Business Columnist 2007, American Society of Business Publication Executives

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