From the Granite City to the Lone Star State; My financial planning journey from Aberdeen to Houston

Insight | by Claire Taylor

Anticipating the Move: A Financial Planner’s Perspective on Relocating from the UK to the US

As I prepare to relocate from Aberdeen to Houston this October, I'm filled with excitement and anticipation. My move from the historic granite city of Aberdeen to the bustling metropolis of Houston in the heart of Texas - a state so economically powerful that if it were a country, it would rank as the eighth-largest economy in the world [larger than Canada, Italy and even Russia] - offers both incredible opportunities and unique challenges.

Being UK and US dual-qualified and dual-licenced, I’ve relished the process of working through, first hand, for myself and my husband, each of the financial planning challenges that British executive expats face when relocating to the US, as we’ve planned and prepared to take up residence in the States - and shortly, once I’m on the ground, I can’t wait to help other executive expats do the same.

First Impressions: The Texan Scale and Spirit

The most immediate difference I’ve noticed in my preparatory trips to Texas is the sheer size of everything. The State is vast in terms of its geography and economy. From the sprawling cityscapes of Houston and Dallas to the seemingly endless highways, and from the huge 4x4s to the steaks served at its restaurants, the scale of every aspect of life here has been taken to another level.

The Texan spirit is another aspect that stands out. A sense of pride and hospitality here is both welcoming and energising. And whilst the pace of life in Houston [where our Texas office is located] is fast - driven by its booming economy and diverse industries - I’ve noticed that there’s also a strong emphasis on community. This blend of ambition and warmth is something I’m looking forward to and keen to embrace.

Financial Planning Considerations for Executive Expats

Relocating as an executive expat to a State like Texas brings a host of pressing financial planning considerations. The United States tax system is notably complex, particularly for expatriates who must navigate the intricacies of UK and US tax obligations.

As a UK expat, strategic financial planning is required to avoid falling foul of the IRS’s punitive taxation of your UK and international investments and assets, unnecessary exposure to double taxation, and to ensure that full advantage is taken of the available tax reliefs in both countries.

Navigating these tax implications, for income, investments, and retirement, is crucial for any executive expat, and in my latest article, 'Planning to move to the USA? Your 3 Financial Planning Priorities', I highlight the key challenges, and how to address them, in more detail.

Another critical consideration is retirement planning. The US and UK have different retirement savings vehicles, and understanding how to optimise each in both countries is vital. For example, UK expats must be aware of how their UK pensions are treated under US tax laws and vice versa. There’s also the question of whether to transfer your UK pensions to make them more internationally friendly, which can have long-term implications for wealth management.

Estate planning is also vital. The US and UK have distinct inheritance tax rules, and without a well-crafted, cross-border estate plan, executive expats could face unexpected tax liabilities. Ensuring that your estate plan aligns with the laws of both countries is essential to protecting your wealth and securing your family’s future.

Helping Executive Expats Thrive in Texas

My dual qualifications and dual licences allow me to navigate the complexities of both UK and US financial planning, providing tailored advice that addresses the unique challenges faced by British executive expats living and working in the US. Having spent nearly a decade providing financial planning advice to oil and gas executives in Aberdeen, I not only have a detailed understanding of the sector but also of the complex financial challenges that an international move to the States can present, from optimising tax efficiency to managing currency risks; and from planning for retirement to inheritance tax and estate planning; my goal is always to help clients make informed decisions that address their long-term goals.

So, as I look forward to October and the start of a significant new chapter in Houston, I’m excited to bring my expertise to a new market and help executive expats thrive in one of the world’s most dynamic and economically powerful states.

If you’d like to schedule an initial consultation with me to discuss your financial planning, wealth management or pensions please get in touch today.

Claire Taylor ALIBF CPFA
UK Chartered International Financial Planner
As a dual-qualified and dual-licenced Chartered Financial Planner, I offer tailored financial planning services to US-connected private clients. I help them understand their options, optimise their UK pensions and investments, and create a robust financial plan for their future lives. If you want to discuss your financial planning needs, please contact me or schedule an initial, no-obligation meeting through my online calendar.
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This communication is for information purposes only and does not constitute financial, legal, or tax advice. Please schedule a meeting to receive advice on financial planning, wealth management, and pension solutions.