If you're an expat of means in America and you don't have a good cross-border team around you - financial, tax, and estate – there’s a high chance you’re in non-compliance. That’s especially true with UK pension holders in the US.

This week’s Ask An Expert is with Holly Caulder, partner at Buzzacott. Holly specialises in planning and advice solutions for US residents with non-US pensions, shareholders of controlled foreign corporations and beneficiaries of non-US trusts. If this is you, you won’t want to miss this episode.

The potential landmines are significant, so you’ll hear how Holly and Richard would advise you to:

• Report UK Pensions Correctly in the US

If you have a UK pension, it must be reported on key US tax forms like the FBAR and Form 8938, even if it’s inactive and no new contributions are being made. Holly stresses that failing to do this can lead to serious IRS penalties.

• Use the US-UK Tax Treaty to Your Advantage

The US-UK tax treaty can help reduce your tax bill. Filing Form 8833 lets you claim treaty benefits, such as excluding UK pension growth from US tax. Richard points out that doing this every year can save money and avoid trouble.

• Plan Pension Moves Carefully

Thinking about rolling over your pension or taking a distribution (e.g. transferring to a SIPP)? Talk to a tax advisor first. Holly notes that claiming treaty exemptions early and knowing state tax rules (like in California vs. New York) can prevent surprise taxes. Get advice before making any moves to stay compliant and minimise tax.

If you're enjoying the show, please follow it wherever you’re listening to it now, and consider leaving a 5 star rating and review to help the mission, which is to help expats and immigrants thrive in America. Visit planfirstwealth.com to learn more about our services and connect with Richard Taylor on LinkedIn.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

In a year of economic whiplash, staying invested is easier said than done, particularly when the market drops 20% in ten days. But that’s when the real opportunities appear.

In this special 50th episode, Richard Taylor and James Boyle are back in the trenches to reflect on client behaviour during turbulent times, the emotional traps that investors fall into and the importance of holding your nerve when the pressure is on.

Richard and James break down how to navigate volatility with a clear head and a smart strategy. You’ll hear their advice on how to:

· Stay invested during downturnsand why resisting the urge to panic can preserve your wealth and even unlock powerful tax advantages.

· Use tax-loss harvesting to your advantage including a real client example where staying the course led to over $20,000 in carry forward losses to offset future gains.

· Avoid emotional investing traps and what the infamous (but false) “dead investor” myth still gets right about behaviour and market performance.

· Watch the economic signals that matter like May’s surprising rally and why upcoming jobs data could shape Fed decisions and market sentiment.

If you're enjoying the show, please follow it wherever you’re listening to it now, and consider leaving a 5 star rating and review to help the mission, which is to help expats and immigrants thrive in America. Visit planfirstwealth.com to learn more about our services and connect with Richard Taylor on LinkedIn.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

“The US system of tax reporting and FBAR reporting is exceedingly complex, and materially differs from the reporting requirements in most other countries in the Western world.” So says Dan Price, my guest on this week’s Ask An Expert show. That’s why there’s a high chance of non-compliance if you’re an expat in the US, and why you need to hear this week’s episode.

Dan is a distinguished tax attorney, two years into running his own firm but with almost 20 years of experience at the IRS Office of Chief Counsel. While there he established programs designed to aid individuals in becoming tax compliant, and covered both criminal and civil IRS audits. He knows his stuff, so it’s a privilege to have him on the show to take us behind the scenes at the IRS and give you expert advice on staying tax compliant.

We talk about:

· The cost of compliance for middle-class tax payers. What qualifies as middle-class? And what are the costs of being in non-compliance? Hint: they’re significant.

· How to streamline your filing with the IRS. As Dan explains, there are myriad systems and procedures in place to catch wilful non-compliance. You can’t beat the algorithm, so don’t try.

· The difference between true ignorance, or wilful blindness, and knowingly ignoring tax obligations.

if you're an expat or an immigrant and you came here mid-career, there's a very good chance you're in some form of non-compliance. Don't bury your head in the sand. It's very possible the IRS already has information about you and it might one day catch up with you. There are solutions, palatable solutions, as you’ll hear in this episode.

For more information on Daniel N Price LLC, visit pricetaxlaw.com

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

There’s a well-known fable on investing that claims that from 2003 to 2013, Fidelity conducted an internal performance review of customer performance. They wanted to see who the best investors were, so they trawled through millions of records to map returns over a decade. Who do you think was the best performing customers?

Fidelity found that they were the ones who had died; the accounts that accumulated the most wealth over time for which the account holders had stopped managing after they passed away. It’s slightly morbid but the lesson – and it’s one we at Plan First Wealth talk about every week – is that trying to time the market is impossible, and you just need to stick to your plan, and buy and hold.

That’s especially true at the moment: so much happened in March, and yet it seems as if nothing happened in April; month-on-month, minimal changes in the markets. The S&P fell less than 1%. The NASDAQ closed up 1%.

So what are the lessons for your portfolio management and retirement planning in these times of volatility followed by relevant calm? To find out, Richard Taylor and James Boyle are back in the trenches, showing you behind the scenes at Plan First Wealth and analysing the market movements (and lack thereof).

This week you’ll hear how:

• You can ignore the short-term noise
• You can manage the emotions that influence your financial decisions
• The major tax implications for expats around PFICs (listen back to the previous episode with Brian Dunhill for more on this)

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

Are your foreign investments quietly wrecking your US tax situation? They might be.

This week’s Ask An Expert show features Brian Dunhill, a seasoned financial planner based in the UK, to tackle one of the trickiest topics in expat finance: PFICs (Passive Foreign Investment Companies).

Host and founder of Plan First Wealth, Richard Taylor, and founder of Dunhill financial Brian walk you through:

• What PFICs are and why they’re a major tax trap for US citizens and expats.
• How IRS rules make foreign investing more complicated, and costly.
• Ways to avoid harsh penalties, including using the Streamlined Filing Compliance Procedures.
• Smart investment strategies that steer clear of PFIC issues while still diversifying internationally.
• How the DF Direct platform lets you invest in non-U.S. currencies without triggering PFIC rules.

Brian shares real-life stories of expats who’ve navigated PFIC trouble - and how they got out of it. Brian is the founder of Dunhill Financial, a firm that specialises in cross-border financial planning and wealth management. The firm is based in London and focuses on assisting Americans living abroad and expatriates in the United States.

Brian and his firm are adept at handling financial advisory needs that cross national borders, particularly involving US and European regulations.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

"When selling feels right, that's when it's most dangerous," warns James Boyle in this week's From The Trenches. Richard Taylor sits down with James to look at one of the most turbulent weeks in the market in recent history.

The S&P 500 took a massive 12% dive over four days, stirring up investor panic similar to past financial crises. This panic often leads to hasty decisions; James and Richard stress the need to stay on course, even when the stock market feels like a rollercoaster. A steady investment strategy is key to preserving long-term gains and avoiding reactive trading pitfalls.

Right after the market dropped, the S&P 500 bounced back with a 10% gain the third-highest since World War II, a perfect example of the volatility that can trap you into trying to time the market. Richard emphasises that while it's natural to want to act during downturns, a buy-and-hold strategy helps you benefit from market recoveries instead of locking in losses by selling at a low.

Also, consider how taxes impact your financial returns. Using strategies like tax-loss harvesting during downturns can boost your after-tax returns. This involves selling losses to offset gains, reducing taxable income, and is valuable for long-term portfolio health. In times of market volatility, make sure your investment strategy matches your risk tolerance and financial goals.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

We’re The Brits In America is a Plan First Wealth podcast dedicated to helping ambitious expatriates and 1st generation immigrants THRIVE in America, hosted by Richard Taylor, founder of Plan First Wealth.

We work with successful expatriates, immigrants and internationally-minded Americans living across the US to make the most of their opportunity and avoid the expat landlines.

We’re The Brits In America consists of three show formats:

We have “Ask An Expert” where a fellow professional is invited on to share useful and important information that expats and immigrants need to know.

“Always An Expat” where Richard invites in a fellow expat/immigrant with an interesting story to tell

“From The Trenches” where Richard Taylor and James Boyle from Plan First Wealth bring you behind the scenes, analyse the market movers and forecast what they mean for you.

If you aren’t already receiving our regular emails please go to our website, www.planfirstwealth.com and sign up there - it’s free - and you’ll then be notified every time we drop a new episode, and so much more.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

Many green card holders mistakenly believe they are no longer liable for US taxes after expiration. Properly relinquishing a green card requires completing Form I-407. If this is news to you (or you’ve never heard of this form) then you better listen to this week’s Ask An Expert.

Richard Taylor is joined once again by Virginia La Torre Jeker, a member of the NYS Bar since 1984 and preeminent US tax professional. Together they talk about what green card holders and US citizens need to know before giving up their status. They break down the risks of becoming a “covered expatriate,” how the exit tax works, and why signing the wrong form at the border can have big consequences.

Plus, Virginia shares tips on how to plan ahead to avoid major tax issues. One of those is the exit tax: covered expatriates are treated as if they sold all their assets the day they expatriate - even if they haven’t. In the case of IRAs and similar retirement accounts, the IRS treats the entire balance as a taxable distribution, potentially triggering a tax bill without the expat actually accessing any of the funds.

If you’ve got a million dollars in an IRA, the IRS is going to treat it like you've just received a million dollars of IRA income - taxable at the highest rate, up to 37%. That hurts.

Find out how to avoid this, right here.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.