Planning a move abroad and feeling good about the federal side? The real fight may be back home. We unpack how California, New York, and Virginia use domicile and statutory residency to claim your worldwide income long after you’ve crossed an ocean—and why keeping a “just-in-case” home can quietly unravel your whole plan. We start by demystifying the two tests that decide your fate: domicile, the intent-based anchor that sticks until you clearly replace it, and statutory residency, the cold ...
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Planning a move abroad and feeling good about the federal side? The real fight may be back home. We unpack how California, New York, and Virginia use domicile and statutory residency to claim your worldwide income long after you’ve crossed an ocean—and why keeping a “just-in-case” home can quietly unravel your whole plan. We start by demystifying the two tests that decide your fate: domicile, the intent-based anchor that sticks until you clearly replace it, and statutory residency, the cold ...
Why your 'simple' TOD account might cost your heirs thousands in taxes
The Expat Sage Podcast
16 minutes
3 months ago
Why your 'simple' TOD account might cost your heirs thousands in taxes
Ever wondered if those "simple" financial solutions actually create more problems than they solve? That's exactly what we discovered when examining Transfer on Death (TOD) and Payable on Death (POD) accounts for Americans living abroad. These accounts seem like perfect solutions - they transfer assets directly to beneficiaries and bypass probate. But cross borders, and suddenly their simplicity unravels dramatically. While technically valid under US state laws, they create a perfect storm of...
The Expat Sage Podcast
Planning a move abroad and feeling good about the federal side? The real fight may be back home. We unpack how California, New York, and Virginia use domicile and statutory residency to claim your worldwide income long after you’ve crossed an ocean—and why keeping a “just-in-case” home can quietly unravel your whole plan. We start by demystifying the two tests that decide your fate: domicile, the intent-based anchor that sticks until you clearly replace it, and statutory residency, the cold ...
