In this episode of Roadmap to Retirement Podcast, I am joined by Lucas Wennersten CFA, CFP®(Canada), CFP®(U.S.A.) of 49th Parallel Wealth Management to discuss the complexities of cross-border financial planning between the US and Canada. Lucas shares his journey from the mortgage business to becoming a Certified Financial Planner (CFP) specializing in cross-border financial planning, highlighting the unique challenges and strategies involved. We delve into topics such as the deemed disposition rules for Canadians moving to the US, tax implications for retirement accounts, gifting money across borders, inheritance rules for IRAs, and the healthcare systems of both countries. The discussion also touches on the sociopolitical landscape affecting cross-border relations and the interplay between physical health and financial health.
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