Thinking about renouncing your US citizenship? It’s a decision that comes packed with complex financial and emotional considerations.
Eli Clark, an international lawyer with a focus on cross-border estate planning, joins us to unpack the nuances.
From untangling complicated banking woes to understanding the infamous exit tax, there's a lot at stake. We dive deep into what it really means to leave behind your US passport—debunking myths and tackling big questions like, "Will I still get my Social Security?" or "What happens to my investments?"
Don't make the leap without knowing all the facts (and a few surprises) that could impact your future.
Key Takeaways:
- Renouncing your citizenship can free you from tax headaches, but there are big financial considerations to manage.
- Learn how to dodge hefty estate and exit taxes with the right planning before you make any moves.
- Even if you say goodbye to your passport, the US might still have a claim on your assets. Know what to expect!