Wealth without Borders
The purpose of this quarterly newsletter is to share cross-border wealth management news and insights with our cross border clients and colleagues.
As we near the end of another calendar year, it is important to be aware of the requirement to withdraw minimum distributions from individual retirement accounts. Care must be taken to ensure compliance with the rules – especially as some of those rules have shifted in the past year. Be sure to speak with us to ensure you’ve met your obligations to avoid any penalties.
The FBAR is the Report of Foreign Bank and Financial Accounts. If you are considered a “US person” and have financial accounts in a country other than the United States, filing this information is mandatory. The penalties for not filing the FBAR are very punitive and severe. At Steele Wealth Management, we understand the challenges involved in managing wealth in both countries and our experience with complicated situations provides us with the expertise to help. The requirement to file annual FBAR forms is just another example of the complications that we help our clients address.
