Life Beyond Us ( The Foreigner )

[JJReyes]

I briefly looked into 529 plans but those are different by state and you have to apply the money directly to a US approved educational institution.

 

One of my high school classmates is Vice President of De La Salle University for Alumni Affairs. During a class gathering, he was explaining about a similar plan for the Philippines. I wasn't paying attention because the topic was not relevant for me. You might want to look into it if your daughters plan to study at a local university.

 

For my nephews & nieces, grand nephews & grand nieces, friend's children, etc. I recommend that they finish their undergraduate studies in the Philippines. If they want to pursue a Masters or Ph.D. program, then studying abroad is a possibility. The reason is colleges and universities in the United States are prohibitively expensive. For friends and relatives in the United States, my advise is two years of community college before transferring to a university. The savings are tremendous.  

Edited July 4, 2014 by JJReyes

[stevewool]

i have planned well ahead i hope, a big bank account will be left for Ems, the house in England will be for the kids, the pension, well the private one is not much after the ex wife had her half, so i will take out 25% from that and enjoy our life,

But as Ems says what would happen if she goes first, well a new maid will be wanted was my answer

[JJReyes]

But as Ems says what would happen if she goes first, well a new maid will be wanted was my answer

 

Ouch! Another loaded question women teach women is to ask their husband, "If I go first, do you plan to re-marry?" Just answer with something neutral like, "No. I plan to learn the violin." 

[Old55]

The perfect answer for this is..... No one could ever replace you Dear.

[Old55]

Exactly what any loving husband and father duty demands...... supporting his family. Well done Sir!

As an older guy with two boys in school putting in place the investment tools to provide for them and my wonderful wife was not difficult or too much of a burden. We live a modest but full life my only concern is what College costs will be in the future. My time on this earth is only so long. I expect to be gone before my wife so Having a plan is essential.

I reread my post this morning. It sounded somewhat pompous. what I wanted to share is that with a modest income there are simple secure investment tools that can provide after you pass on.

[MikeB]

Unfortunately, if you have US assets and a non-citizen, non-resident beneficiary it's not simple at all. Deductions and exemptions are completely different. If you don't do your planning the taxes will take a significant part of your estate. If anyone has personal experience with a qualified financial/tax planner that is knowledgeable about this it would be good to know.  

[OnMyWay]

 

Exactly what any loving husband and father duty demands...... supporting his family. Well done Sir!

As an older guy with two boys in school putting in place the investment tools to provide for them and my wonderful wife was not difficult or too much of a burden. We live a modest but full life my only concern is what College costs will be in the future. My time on this earth is only so long. I expect to be gone before my wife so Having a plan is essential.

I reread my post this morning. It sounded somewhat pompous. what I wanted to share is that with a modest income there are simple secure investment tools that can provide after you pass on.

 

 

I didn't think that.

 

"simple secure investment tools"

 

This is my dilemma.   I want to find ways to invest some money on behalf of their future, separate from my tax deferred and taxable investments in the US.  I don't plan on residing in the US ever again at this point.  The US government is now making it very hard to live overseas and invest from overseas.  Fidelity just announce that they will no longer sell mutual funds to US citizens living overseas and they wanted to close my account last year due to my having a Philippines address.  Many other brokers are doing the same.

 

I guess I need to look into investments options in the Philippines that can be done in their name.

[Old55]

"simple secure investment tools"   This is my dilemma.   I want to find ways to invest some money on behalf of their future, separate from my tax deferred and taxable investments in the US.  I don't plan on residing in the US ever again at this point.  The US government is now making it very hard to live overseas and invest from overseas.  Fidelity just announce that they will no longer sell mutual funds to US citizens living overseas and they wanted to close my account last year due to my having a Philippines address.  Many other brokers are doing the same.   I guess I need to look into investments options in the Philippines that can be done in their name.

 

WOW! I had no idea it was that bad. Our rulers in DC may find the tipping point has come, I think it may change soon. Anyway I hope so. 

Back to the topic. I have no real answer then. Perhaps there are honest and legal investment companies in Europe? Swiss? I have Filipino friends that have money. Some invested in local Bonds and the Philippines Stock Market. Without being an insider and a Foreigner on top of that I would stay away plus I'm a total dumb a#@ when it comes to that stuff.

[OnMyWay]

Some invested in local Bonds and the Philippines Stock Market.

 

I'm a little nervous about putting money into Philippines investments, but there are some mutual funds here that should fine over the very long term, which is what this would be.  Dollar cost average some money in every month and by the time they turn 18 or so it should be a nice sum.

[MikeB]

I have a Philippine life insurance policy but I would be very wary of keeping a lot of assets here. One possibility is making our US citizen child as beneficiary and heir but there are probably gotchas there. Really would like to talk with a professional about this.