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I'm Jimmy Sexton, LL.M., Founder and CEO of Esquire Group. I work one-on-one with ultra-high-net-worth individuals, family offices, and private companies to solve complex international tax and wealth planning challenges.
On this podcast, I share what I've learned from two decades in the trenches: tax strategy, wealth structuring, trusts and foundations, expatriation, family governance, international banking, and the geopolitical forces that shape your wealth. I built and sold my own multinational business, expatriated from the United States, and personally use the same strategies I advise my clients to use. This isn't theory. It's experience.
I'm a regular contributor to Bloomberg Tax and have been published and quoted by Forbes, The Wall Street Journal, CNN, and The Washington Post. I've spoken before the United Nations, the American Chamber of Commerce, and eBay, and serve as Chairman of the International Business Structuring Association's Middle East Chapter.
New episodes monthly. Subscribe and follow.
Episodes
Tuesday Nov 12, 2024
Tuesday Nov 12, 2024
In this episode of Wealth Uncensored, we dive into the critical topic of tax compliance for people looking to expatriate. I discuss why being tax compliant is essential before expatriating to avoid becoming a “covered expatriate” subject to the exit tax, and why it’s important even if you will be a covered expatriate for other reasons. Learn how non-compliance can impact your US heirs and recipients of gifts, making them liable for estate or gift taxes at the highest rates.
With over 15 years of experience helping client’s expatriate, I reveal why many tax returns aren’t 100% correct and how this often stems from tax preparers lacking true international tax expertise. I share my top advice on hiring a competent, albeit costly, international tax preparer to ensure your compliance and protect your wealth for the long run.
Tune in to learn how to correctly navigate expatriation, avoid costly mistakes, and secure a seamless expatriation process that safeguards your legacy and wealth.
0:00 Intro
0:26 Importance of Tax Preparation
0:43 Reviewing Tax Returns
1:01 Complexity of Foreign Income Reporting
1:28 Form 8854 and Tax Compliance
1:47 Covered Expatriate Criteria
2:23 Consequences for Covered Expatriates
3:02 Non-Covered Expatriates
3:30 Tax Compliance Box
4:01 Challenges with Tax Preparers
5:11 Cost of Competent Tax Preparation
6:01 Risks of Inaccurate Tax Returns
7:30 Recommendations for Expatriates
9:00 Conclusion
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