Hi Bogles,
I hope I can find some guidance here. Born and raised in California. Met my spouse who is from Singapore here and we have a growing family. I’ll fast forward to where we are now. Spouse and kids are waiting for me in SG. I am on my way there soon.
Spouse wants to renounce their green card, liquidate all the assets in America and be done with it. Not anywhere close to retirement so the total taxes to withdrawal their 401K, IRA, and brokerage accounts is 30-40%. On top of that they were only 1 year away from retirement benefits.
I also have a managed portfolio but not sure I’m ready to give it all up. I was thinking if it’s smarter to transfer their assets to my account and allow it to grow while avoiding all the tax implications of early withdrawal.
Understandably I’ll be in a new career overseas prepared to navigate my way through double taxation![😞]()
. I’m here to see how anyone else would handle this situation. We’re both about 20 years away from retirement age. At some point I’ll have to consider giving up my citizenship but I have too many assets here.
I have a Vanguard account with 6 a figures portfolio and my spouse is with Fidelity with a 6 figures portfolio. These are some rough waters ahead but I hope there’s a captain here to help me navigate this storm.
Thank you.
I hope I can find some guidance here. Born and raised in California. Met my spouse who is from Singapore here and we have a growing family. I’ll fast forward to where we are now. Spouse and kids are waiting for me in SG. I am on my way there soon.
Spouse wants to renounce their green card, liquidate all the assets in America and be done with it. Not anywhere close to retirement so the total taxes to withdrawal their 401K, IRA, and brokerage accounts is 30-40%. On top of that they were only 1 year away from retirement benefits.
I also have a managed portfolio but not sure I’m ready to give it all up. I was thinking if it’s smarter to transfer their assets to my account and allow it to grow while avoiding all the tax implications of early withdrawal.
Understandably I’ll be in a new career overseas prepared to navigate my way through double taxation
. I’m here to see how anyone else would handle this situation. We’re both about 20 years away from retirement age. At some point I’ll have to consider giving up my citizenship but I have too many assets here.I have a Vanguard account with 6 a figures portfolio and my spouse is with Fidelity with a 6 figures portfolio. These are some rough waters ahead but I hope there’s a captain here to help me navigate this storm.
Thank you.
Statistics: Posted by Finials — Mon May 20, 2024 12:50 pm — Replies 2 — Views 161