The intricacies of inheritance tax issues are probably the last thing you want to think about after losing someone. We’re making it easier to make financial arrangements for receiving an inheritance after a loved one passes away on this episode of We’re the Brits in America.

Host Richard Taylor - dual UK/US citizen and Chartered Financial Planner - offers practical advice for expats on navigating these challenges to promote financial security and compliance, including how to avoid the potential pitfalls of Roth IRA conversions.

In this episode of From the Trenches on We’re the Brits in America, Richard Taylor and James Boyle – Lead Financial Planner at Plan First Wealth - explore:

Navigating Inheritance for Expats

Challenges when receiving an inheritance from non-US persons.

The crucial importance of filing Form 3520 to avoid severe IRS penalties.

Complications with Trusts and Offshore Bonds

Issues with UK-centric advice for US persons.

Potential tax problems with foreign trusts and passive foreign investment companies (PFICs).

Roth IRA Conversions

Explanation of Roth IRA conversions and their benefits.

Potential pitfalls like affecting healthcare premiums and tax brackets.

New considerations following recent legislative changes.

Importance of a Cross-Border Tax Advisor

Benefits of having a qualified tax advisor to navigate international tax intricacies and offer valuable US tax help.

More about We’re the Brits in America:

With the right financial advice, landmines that threaten expat wealth can be avoided. Often encountered by US-connected expats, these financial landmines are more numerous, more hazardous, and less understood than almost anywhere else in the world. As a result, non-cross border professionals, wealth advisors, and even international advisors are often unaware of them. But don’t worry, We're the Brits in America has you covered. We're the Brits in America is dedicated to helping ambitious U.S.-connected expats and immigrants navigate those challenges — and thrive. Whether you’ve moved to the U.S. for opportunity, or are an American seeking adventure and growth abroad, our job is to equip you with the tools and insights you need to succeed.