What should I keep
May 19th 2018, 12:44 am
#1
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What should I keep
Well, after a lot of heart wrenching, painful deliberation, I am settled on returning to the UK. My American adventure ended after 10 wonderful years of marriage came to a staggeringly, devastating end when my husband died suddenly at the beginning of this year. I am working my way through paperwork and though he had no will in place, all assets were in his name OR mine name, so probate has been avoided which has allowed me more peace of mind than I can ever thank him for. I am an LPR and have no desire to take citizenship, my only reason for being here was to marry - I doubt I will ever wish to return to the US other than maybe for brief holidays, we had no children together so that isn't an issue. We did not have enough assets to trigger estate tax, and I am lucky to live in a state that has no inheritance tax either.
My concern is regarding what documents I should hold onto, as I go through the old paperwork we filed to start this journey over 11 years ago....the K1 Visa paperwork. Will I be needing it in any capacity to restart my new chapter back in the UK? I am aware that keeping tax returns for the past 7 years is recommended, and I will be keeping this years documents for the tax return which will be due next year, but this is addressing the US end, I do not know what the UK systems will find useful when I get back? Any pointers will be helpful from anyone who has been in similar situations or can shed any helpful hints, personal experiences on this.
Many Thanks
My concern is regarding what documents I should hold onto, as I go through the old paperwork we filed to start this journey over 11 years ago....the K1 Visa paperwork. Will I be needing it in any capacity to restart my new chapter back in the UK? I am aware that keeping tax returns for the past 7 years is recommended, and I will be keeping this years documents for the tax return which will be due next year, but this is addressing the US end, I do not know what the UK systems will find useful when I get back? Any pointers will be helpful from anyone who has been in similar situations or can shed any helpful hints, personal experiences on this.
Many Thanks
May 19th 2018, 10:47 am
#2
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Joined: Jan 2013
Location: Western Australia
Posts: 21,138
Re: What should I keep
Well, after a lot of heart wrenching, painful deliberation, I am settled on returning to the UK. My American adventure ended after 10 wonderful years of marriage came to a staggeringly, devastating end when my husband died suddenly at the beginning of this year. I am working my way through paperwork and though he had no will in place, all assets were in his name OR mine name, so probate has been avoided which has allowed me more peace of mind than I can ever thank him for. I am an LPR and have no desire to take citizenship, my only reason for being here was to marry - I doubt I will ever wish to return to the US other than maybe for brief holidays, we had no children together so that isn't an issue. We did not have enough assets to trigger estate tax, and I am lucky to live in a state that has no inheritance tax either.
My concern is regarding what documents I should hold onto, as I go through the old paperwork we filed to start this journey over 11 years ago....the K1 Visa paperwork. Will I be needing it in any capacity to restart my new chapter back in the UK? I am aware that keeping tax returns for the past 7 years is recommended, and I will be keeping this years documents for the tax return which will be due next year, but this is addressing the US end, I do not know what the UK systems will find useful when I get back? Any pointers will be helpful from anyone who has been in similar situations or can shed any helpful hints, personal experiences on this.
Many Thanks
My concern is regarding what documents I should hold onto, as I go through the old paperwork we filed to start this journey over 11 years ago....the K1 Visa paperwork. Will I be needing it in any capacity to restart my new chapter back in the UK? I am aware that keeping tax returns for the past 7 years is recommended, and I will be keeping this years documents for the tax return which will be due next year, but this is addressing the US end, I do not know what the UK systems will find useful when I get back? Any pointers will be helpful from anyone who has been in similar situations or can shed any helpful hints, personal experiences on this.
Many Thanks
May 19th 2018, 5:34 pm
#3
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Re: What should I keep
I regret that I also cannot advise but so sorry to hear of your loss. What a sad time for you and made even more difficult when you are not sure what documents you need to keep for your return to the UK. It may be advisable to speak to a financial/tax advisor when you get back here so that some of this burden can be lifted from your shoulders. I hope you have some family or friends to help you ease back into UK life and wish you well.
May 19th 2018, 6:50 pm
#4
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Re: What should I keep
I thank you both for your kindness, I have good friends waiting in the UK to help, though it is impossible for them to help with the stress that all the paperwork creates. I am also aware that I will need to navigate expatriation paperwork too....
May 19th 2018, 11:49 pm
#5
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Re: What should I keep
Also my sincere condolences on your loss.
From my perspective on this side, definitely keeping 7 years of copies of your tax returns. But just as important and especially before you return, I’d advise to make an appointment with your local Social Security office. If you have 10 years worth of working years credits, you would be entitled to your own social security benefit at retirement age. More probably, your husband had more than 10 years of credits, which would provide his benefit level for you as widow as early as age 60. As a minimum, you’d be eligible for half his benefit as a nonworking souse at retirement age.
Social Security would have both of your historical data on file and could tell you what benefits you’d be entitled to and at what age. Best to have that knowledge now for future financial planning in receiving these benefits. Medicare is also usually a consideration at retirement, but not applicable if living overseas.
Lastly, I agree with your decision on citizenship. I personally would not take US citizenship if never planning to resettle here again.The US tax system follows its citizens around the world in requiring yearly income tax filing. It can be quite a headache, more often unnecessarily so than not.
From my perspective on this side, definitely keeping 7 years of copies of your tax returns. But just as important and especially before you return, I’d advise to make an appointment with your local Social Security office. If you have 10 years worth of working years credits, you would be entitled to your own social security benefit at retirement age. More probably, your husband had more than 10 years of credits, which would provide his benefit level for you as widow as early as age 60. As a minimum, you’d be eligible for half his benefit as a nonworking souse at retirement age.
Social Security would have both of your historical data on file and could tell you what benefits you’d be entitled to and at what age. Best to have that knowledge now for future financial planning in receiving these benefits. Medicare is also usually a consideration at retirement, but not applicable if living overseas.
Lastly, I agree with your decision on citizenship. I personally would not take US citizenship if never planning to resettle here again.The US tax system follows its citizens around the world in requiring yearly income tax filing. It can be quite a headache, more often unnecessarily so than not.
Last edited by Richard8655; May 20th 2018 at 1:06 am.
May 20th 2018, 12:15 am
#6
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Re: What should I keep
Thank you Richard, I personally do not have 10 years of work record in the US - we were lucky enough to be comfortable on his salary, and living in a remote area in Alaska offered very few opportunities for me to work, however my husband did have a work record that I know I may be able to claim but not for another 5 years as I turned 55 this year.
I am very lucky that, I am provided with a survivor benefit provision, as he worked for the civil service, though it is proving to be difficult to work out how or where on the expatriation form this information should go, and how to calculate the figure I need to input( not sure if i need to work out how much I would receive over my lifetime using life expectancy tables, or even if annuity like this needs to go on the form at all)
I appreciate your input, and thank you for the information.
I am very lucky that, I am provided with a survivor benefit provision, as he worked for the civil service, though it is proving to be difficult to work out how or where on the expatriation form this information should go, and how to calculate the figure I need to input( not sure if i need to work out how much I would receive over my lifetime using life expectancy tables, or even if annuity like this needs to go on the form at all)
I appreciate your input, and thank you for the information.
May 20th 2018, 1:04 am
#7
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Re: What should I keep
Dear Brokenhearted. Glad you have the social security situation in hand. I’m not sure how to input expatriation form data. Actually the first I’ve heard about it is here and on another thread. Perhaps other members here can provide input. Wishing all the best.
May 20th 2018, 7:55 am
#8
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Re: What should I keep
So sorry to hear about your loss.
one thing I would add is around workplace contributory pension plans such as a 401k or 403b. They are notoriously difficult to deal with from overseas so if your husband or yourself had one then I would recommend that you would roll it over into an IRA with a brokerage that allows, and is used to dealing with, overseas customers. (The rollover would be tax free and HMRC won’t care about it until withdrawals are made)
one thing I would add is around workplace contributory pension plans such as a 401k or 403b. They are notoriously difficult to deal with from overseas so if your husband or yourself had one then I would recommend that you would roll it over into an IRA with a brokerage that allows, and is used to dealing with, overseas customers. (The rollover would be tax free and HMRC won’t care about it until withdrawals are made)
May 20th 2018, 8:04 am
#9
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Re: What should I keep
Thank you for the heads up on that - the tragic irony was that he had moved his TSP account (most of it) over into Roth IRA's after attending a retirement seminar Sept last year in anticipation of retiring this year (around Sept). The financial guy dealing with the account has been on top of the beneficiary forms and is helping to guide me through the process as best as he can. I have raised the question of being able to deal with my account if i were to move to the UK and he is indicating that it will not cause a problem. I will certainly double check this as a correct understanding.
May 20th 2018, 12:15 pm
#10
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Re: What should I keep
Thank you for the heads up on that - the tragic irony was that he had moved his TSP account (most of it) over into Roth IRA's after attending a retirement seminar Sept last year in anticipation of retiring this year (around Sept). The financial guy dealing with the account has been on top of the beneficiary forms and is helping to guide me through the process as best as he can. I have raised the question of being able to deal with my account if i were to move to the UK and he is indicating that it will not cause a problem. I will certainly double check this as a correct understanding.
May 20th 2018, 5:24 pm
#11
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Re: What should I keep
Save everything to do with finances as you never k now with the tax people what they come after and when.
May 20th 2018, 7:50 pm
#12
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Re: What should I keep
I am trying to simplify as much as possible while I am at the US end, drawing down and liquidating all the stuff i can - friends who mean well keep telling me to hold onto the stock trading account with $5,000 in it but I see no point in having small pockets of money in various accounts, it is only going to open a window for more havoc if I forget an account sitting somewhere. This first year when all the closing down of small accounts is going to be hard enough - keeping a paper trail so that the final tax return can be accurate but once that is done it will be much easier on me to have only a few income streams to be concerned with. I have put everything I get through the bank account so that will be a good source of information when the time comes. It goes without saying - if i could trade it all in for him to come back I wouldn't hesitate
May 21st 2018, 5:00 pm
#13
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Re: What should I keep
So sorry for your loss.
Regarding what paperwork you should keep - may I suggest scanning everything, and storing it somewhere secure like Dropbox? That way, should you discover you need it after all, you have a copy to refer back to. You can then sort through it at your leisure when you feel able and have the time.
If you don't have access to a scanner with a decent document feed system to speed things up, taking a photo of key documents could be a fair Plan B.
Regarding what paperwork you should keep - may I suggest scanning everything, and storing it somewhere secure like Dropbox? That way, should you discover you need it after all, you have a copy to refer back to. You can then sort through it at your leisure when you feel able and have the time.
If you don't have access to a scanner with a decent document feed system to speed things up, taking a photo of key documents could be a fair Plan B.
May 21st 2018, 7:37 pm
#14
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Re: What should I keep
why not just buy a scanner, take photos as suggested, or get a company like Staples to do the scanning and put the pdf's on a SD card....
May 22nd 2018, 2:47 am
#15
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Re: What should I keep
I have a copier,scanner fax combined so this would be incredibly easy for me, I really appreciate the input. I am disappointed that I didn't think of this myself! Thank you so much for your help and kindness.Everything I have is basically a copy of the original document held at some department office except for original documents like birth certificates etc which I would want to travel with in my possession anyways.