Making aliya doesn’t mean you need to close your American brokerage accounts. In fact, there are many sound reasons for maintaining assets in America even if you move away. Think twice before converting your American retirement accounts to shekels and bringing them to Israel.
Recently, some American brokerage firms asked their non-resident clients to transfer out their accounts…. Read more
Unsure of the benefits of a U.S. brokerage account? Use a free interactive form (Profile-Financial.com/interactive) to learn why it may be helpful to keep some of your investments in America even though you live in Israel.
One of the most common financial problems Americans living in Israel face is when their U.S…. Read more
I often receive calls at my office from people who say that they have a problem with their American brokerage account because their U.S. investment advisor asked them to change firms. It’s not because they don’t meet the minimum balance requirements. Rather, it’s just because they have chosen to live overseas…. Read more
When clients ask to transfer dollars from their U.S. investment account to their Israeli bank, the details they must provide sometimes take them by surprise.
Living in a different country from your assets means that money transfers are necessary to meet your cash-flow needs. Following procedures properly can expedite the process…. Read more
The “Greenberg Settlement,” the resolution of a class-action lawsuit brought against the Social Security Administration (SSA), changes the way American olim receive their American Social Security payments.
Under the SSA’s Windfall Elimination Provision, if you receive a foreign earnings-based pension, your American benefits are reduced. Until now, claimants of Social Security living in Israel who also received Bituach Leumi old age pension had their payments from Social Security reduced under the Windfall Elimination Provision (WEP). … Read more
Since Americans living abroad are frequently denied the opportunity to buy mutual funds, how can investors diversify their portfolios without being responsible for the day-to-day management of dozens of individual stocks and bonds?
One possible answer is a separately managed account, or SMA. An SMA is a customized portfolio offered by a brokerage firm and managed by an independent investment management firm or money manager…. Read more
Careful planning addresses two major points: what happens to your money while you’re alive, and what happens to your money after you pass away.
In my work as a financial advisor helping Americans who live in Israel with their U.S. investments, I see many who neglect the second aspect, estate planning…. Read more
If you are an American citizen living in Israel you have tax reporting requirements to the IRS.
You need to report your foreign accounts
You must report your accounts with an FBAR form, which you send to the IRS. Neglecting to report information leaves you open to stiff fines and penalties…. Read more
If you receive an inheritance, make sure that you only receive financial assets. Just because you inherit assets, doesn’t mean that you need to use the same financial advisor as the deceased did. Before you inherit someone else’s financial advisor, consider the following points:
Put everything under one umbrella
Consolidating your assets,… Read more
At a recent client meeting, the husband asked, “Why don’t you make all of the decisions in managing our money?” I answered:
“Investment advisors don’t take discretion”
In Israel, there are two different licenses: investment advisor and money manager. As an investment advisor, my job is to talk to people about their needs and educate them about the possibilities…. Read more
