The AXFNJ Podcast: Bangkok-based Peggy Creveling of Creveling & Creveling talks to John Richardson about her and husband Chad's 16 years advising American expats in the 'Land of Smiles' (when not motorcycling across Asia)…https://t.co/oG3aVnWmpJ @ChadCreveling @DemsAbroadThai pic.twitter.com/payTrNXLIg
— American Expat Financial News Journal (@AmExpatFinance) November 2, 2022
In the 21st century it has never been more true that:
On the one hand responsible money management, investing and financial planning is a necessity.
On the other hand Americans abroad have been severely disabled from those essential activities by the US tax system.
US citizens presumptively do NOT benefit from tax advantaged financial planning options outside the United States. The circumstance of US citizenship makes participation in non-US pension plans difficult. The PFIC regime operates to make even investing in non-US mutual funds a difficult proposition. Those Americans abroad who attempt to create private pension plans by using small business corporations will likely find that the CFC, Subpart F and GILTI rules make this difficult.
It’s entirely understandable that many Americans abroad have lost their incentive to care financially for themselves and their families.
The message is clear:
When it comes to investing, financial planning and retirement planning US citizenship is presumptively a disability!
That said, it’s essential that US citizens do NOT allow the US extra-territorial tax regime to cause them to NOT engage in retirement and financial planning! They must adopt a “can do” attitude and understand that even with the disability of US citizenship, they can – with the proper advisors – invest for retirement like the citizens of all other countries. In fact, those who are successful, can take pride in the fact that they succeeded NOT because they were American but in spite of being American! Those who are successful can proudly and defiantly say:
“I’m American, but I’m gonna invest for retirement anyway!”
For Americans abroad investing and retirement planning requires a positive mindset and often a competent advisor.
At a minimum, Americans abroad need financial advisors who understand what it means to be an American abroad.
Creveling and Creveling – Financial Planners For Americans Abroad By Americans Abroad
Investment advisors for Americans abroad is a growing industry. I recently had the opportunity to meet and talk with Peggy Creveling, who is one of the two Crevelings who is part of Creveling and Creveling a Thailand based financial planning firm. Investing and financial planning is a “long term” commitment in the same way that health and fitness is a long term commitment. Most people need a mentor and motivator. This requires that they meet the right kind of mentor who will guide them toward their specific goals.
As part of my podcast series for the American Expat Financial News Journal I had the opportunity to meet and chat with Peggy Creveling. This resulted in the following two podcasts:
Part 1 – From growing up in Ohio to West Point to Thailand – The Making Of A Financial Planner
Part 2 – Thinking about financial planning and investing – the difference between investing and speculating
Bottom line: Americans abroad really need to commit to investing and financial planning. You are likely to find the insights and thoughts of Peggy Creveling to be helpful!
John Richardson – Follow me on Twitter @Expatriationlaw