Cross-border Crossing: Navigating Dreams and Duties in Global Relocation and Financial Landscapes
Duration: 2 hours
Price: R0.00
Cross-border Crossing: Navigating Dreams and Duties in Global Relocation and Financial Landscapes
Presenters : David Bell , Diana Chambers , Madeleine Schubert , Melissa Duffy , Richard Rubin , Sheldon Halcrow , Tanya Kramer
SECTION 1
Overview
The preservation of the family and business legacy may take on many forms, for example, ensuring intergenerational wealth and business transfers, have their own unique challenges and opportunities, like the uniqueness of each family and industry that they operate in.
Creating a successful governance plan demands different skills, and the advisors and families must work in tandem. The importance of a family’s philanthropic strategies embodies their value system, which is a strong driving force behind intergenerational planning.
Understanding the advisors’ own personal relationship with wealth and our coaching skills and gaps, helps us unpack better solutions for families and businesses. It is important to embrace different approaches and outcomes, that are not purely driven by technical discussions. The retention of a human connection is key to driving the values of the families and the advisors forward.
Industry professionals who can help deploy structures that are sustainable and efficient will help define the legacy plan. Critical to success is also to stay ahead of the pack by understanding that wealth means different things to different people. Finding ways to help families reach their goals requires a different set of skills, that are wider than pure technical capabilities. By embracing new ways of doing things, the families will reach different levels of success.
Family philanthropy as well as family wealth conversations will provide effective tools to the younger generations to step into the roles of stewards of wealth, and advisors with a wider outlook will gain greater insights into the wealth conversations of their clients.
This video focuses on critical considerations and challenges individuals and families face when relocating from South Africa to the United States. Attendees will gain valuable insights into pre-immigration planning, tax implications, and advisory services necessary for a successful transition. The event aims to equip advisors with the knowledge needed to guide clients effectively through this life-changing journey.
- Crossing over from South Africa to the United States of America, where dreams awaken reality, Richard Rubin and Tanya Kramer
Richard and Tanya are set to co-present a session highlighting the significance of proactive pre-immigration planning for individuals relocating from South Africa to the United States. The duo will showcase two distinct case studies, one involving a client who engaged in pre-immigration planning and another who did not. They will delve into an examination of the tax implications in both cases, including US tax compliance and reporting considerations. Additionally, the presentation will touch on current trends in IRS audit practices, with an emphasis on international reporting and the associated penalties.
- Global Citizens | Advising clients in the USA, Sheldon Halcrow
Many families who have relocated to the USA continue to bear tax compliance responsibilities in South Africa, all the while navigating their status as US residents subject to taxation. This situation can be tricky and requires the expertise of advisors well-versed in double taxation treaties, as well as tax obligations in both countries. These families benefit from an advisory service capable of satisfying regulatory prerequisites in both South Africa and the USA, alongside a comprehensive wealth advisory and asset management service equipped to handle global portfolio management spanning two key jurisdictions.
This presentation is designed to provide advisors with a summary of some of the key challenges and considerations and will cover the following:
- A short review of several important definitions including passport, visa, residency, citizenship, and nationality.
- A high-level summary of migration trends of high-net-worth individuals
- The various routes for entering the United States.
- Insight into some of the considerations for families planning on living and working in the United States including tax, trust structures, wills, medical, insurance and banking.
SECTION 2
Overview
Wealth preservation – The “human” side!
'If you're going to live, leave a legacy. Make a mark on the world that can't be erased.”-Maya Angelou.’
While wealth planning is predominantly centered around strategy, tax planning, and preserving a family’s financial well-being, we often forget the human component of leaving a legacy.
Incorporating philanthropy into family wealth planning requires careful consideration and collaboration among family members. Philanthropic advisors and family wealth mentors can help families develop effective strategies that align with future generations’ goals and values.
Join us for something a bit different to the usual technical video we offer, where our experts in the field will cover the following topics:
- Are we caught in a complex web of misunderstandings, projections, expectations, and judgements, that captures true wealth?, David Bell & Diana Chambers
- Unlocking lasting impact: Goals and strategy, the cornerstones of philanthropy, Madeleine Schubert
- Discover how to secure more lifelong clients as a trusted advisor, Melissa Duffy
Competencies developed in this video
- Gain an understanding of potential means to give back to society.
- Insights into how a family wealth mentor can guide you.
- Learn how to incorporate humanitarian advice while setting up tax structures.
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