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Continued War or
Peace and Financial Planning for American Expats
I claim no insight into the likelihood of renewed war or similar problems, but it is clear to me that
the media coverage, news, emphasis and rationale are very different in the
USA and Europe.
In my lifetime, it is perhaps the only time when war was actively
promoted; and "Western" Europe and the USA were on different
sides (actually or mentally) or where "Western" Europe was itself
divided. Should war happen again in these circumstances and there is division
between the USA and Europe or within Europe, then there could be a very
significant impact on Americans living in Europe.
I recommend that Americans living in Europe keep planning for a war -
which I hope will never happen. Planning may be a nuisance, but it
would be almost impossible to implement the ideas at the last moment.
* Tax returns. Make sure you have the information necessary to prepare
your (US) tax returns and have
copies of prior returns.
* US Tax filing extensions. For US residents resident outside the USA, tax
returns are due by the following June 15 of each year. Nevertheless, it may be advisable to obtain
an automatic extension valid through the following August 15 of each year or an additional
extension valid through the following October 15 of each year.
* Cash reserves. Keep sufficient cash reserves (physical notes) in local
currency, Euros and Dollars to cover contingencies and transportation.
* Financial and other assets. How should your assets be geographically
allocated. Are your investments suitable. Do you have remote access.
* Financial affairs. Make sure that your financial (and other) affairs are
in good order. Consider sending duplicate records (paper or electronic) to
your home country.
* Credit cards. Assume that credit and ATM cards could be cancelled
or restricted. Make arrangements to have minimum balances paid. If
possible, make sure that the issuers come from various geographical areas.
* Liabilities. Make arrangements to service liability obligations.
* Wills and insurance policies. Review wills and insurance policies,
including validity in your home and host countries and that they cover
assets and liabilities in all necessary jurisdictions.
* Documentation. Make sure that your travel and other important documents
are available and up to date.
* Absentee ownership. What legal steps are necessary to secure the
ownership of your assets and their continued operation during an absence.
* Absence from employment. How would temporary absences from work affect
you and what actions should you take to fulfill you management
responsibilities.
* US Embassy. Should you register with the US Embassy.
* Friends and Family. Make contingency relocation arrangements with family
or friends.
I am not a security professional, nor do I have a crystal ball. I hope
that war never happens. However, being prepared for the downside might be
sensible.
Written June 17, 2003. It is not intended to update this page.
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