Helping a successful UK-based entrepreneur plan for retirement in the US

The situation

A successful entrepreneur born in Mexico but living in the UK with his wife as a non-domiciled resident for 11 of the past 20 years, claiming the remittance basis of taxation. His two adult children both live in the US with their young families. As he approaches retirement, he is looking to immigrate to the US.

The client’s goals

• Immigrate to the US in the next 3 years.
• Conduct a strategic review of his international footprint and structures to identify ways of simplifying them and ensuring compatibility with US banking and tax laws.
• Ensure plans are in place for the successful transfer of wealth to the next generations.
• Create a family office infrastructure to coordinate and assist the family in managing and protecting their intergenerational wealth.

Our approach

• Our Family Office team provided pre-immigration planning, consolidating advice from internal and external advisers from across all jurisdictions where the family had a footprint.
• We reviewed the family’s existing structures and made recommendations to maximise tax efficiency and meet the long-term needs of the family.
• The Family Governance and Succession team worked with all family members to formalise their collective purpose, set up a family council, and draw up a family constitution.
• The Family Office team advised on the most efficient family office set-up in line with the family’s needs.

Outcomes to date

• Our Family Office team introduced the client and his wife to an external immigration law firm to obtain appropriate US visas to complement their overall pre-immigration plan. The team also prepared a tax plan to take advantage of pre-immigration tax and inheritance planning opportunities.
• A family office was established for the client and provides ongoing support to two family trusts, for which we act as fiduciaries and trustees.
• Our Family Office team is on hand to support the family with the administrative logistics of moving when the time comes and has worked with the family on the design of a small private family office to assist with lifestyle management.
• Our Family Office team has also completed the design and step plan for implementation to act as an outsourced family office with a specific focus on family governance and financial administration.

Disclosure: Case studies are provided for illustrative purposes only and are based on real client or former client engagement. Some scenarios may reflect client experiences or work originally performed by a firm that has since been acquired. All client names, identifying details and contextual elements have been anonymised to protect client confidentiality. The outcomes described reflect the experience of a particular client. Results are not guaranteed and may vary based on each client’s individual circumstances, market conditions, regulatory requirements and specific financial objectives. Past performance is not indicative of future results. 

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