Financial Planning for Expats: Navigating International Finances

Introduction

Living abroad presents unique financial challenges that domestic financial planning doesn't address. You're navigating foreign tax systems, managing currency risk, maintaining financial connections to home country, understanding local financial institutions, and planning for returns or staying indefinitely. The complexity increases when you consider healthcare, retirement across borders, visa implications, and moving assets internationally.

Expats who ignore these complexities face serious consequences: unexpected tax bills, financial accounts frozen, retirement accounts inaccessible, inability to prove income for loans or housing, and missed opportunities to optimize international finances. Conversely, expats who address financial planning strategically can optimize taxes, manage currency effectively, access better investment options, and maintain financial security across borders.

This comprehensive guide addresses the unique financial considerations expats face and provides practical strategies for navigating them successfully.

Types of Expats and Planning Considerations

Financial planning needs vary significantly based on expat type and circumstances.

Corporate Expats

Employed by international company with assignment abroad:

Advantages:

• Employer often provides relocation assistance and housing allowances
• Employer might provide tax equalization (employer covers additional taxes from international assignment)
• Employment stability and regular income
• Employer benefits might extend internationally

Challenges:

• Assignment duration might be limited (2-5 years typical)
• Need to plan return and career reintegration
• Assignment might end unexpectedly
• Currency fluctuations affect salary value

Planning Focus: Optimize international tax situation, save aggressively during assignment (often higher income with allowances), plan return logistics, maintain retirement contributions.

Digital Nomads and Freelancers

Self-employed, working internationally, often changing locations:

Advantages:

• Complete location flexibility
• Ability to choose tax-efficient countries
• Potentially lower cost of living (especially in lower-income countries)
• Freedom from traditional employment constraints

Challenges:

• Irregular income and no employer benefits
• Complex tax filing across multiple countries
• Visa limitations (many visas don't allow work)
• Financial institution access difficult for self-employed
• Difficult to prove income for loans or housing

Planning Focus: Tax optimization (choosing tax residency strategically), visa compliance, self-employment tax management, emergency reserves (higher than employees due to income volatility), professional liability insurance.

Permanent Expats (Migrants)

Relocating permanently, often staying decades or indefinitely:

Advantages:

• Can fully integrate into destination country
• Can plan long-term in local currency
• Eventually can apply for citizenship (often with tax benefits)
• Can build social and professional networks over time

Challenges:

• Complex tax filing (often file in two countries for years)
• Retirement planning becomes complex (pensions from multiple countries)
• Healthcare continuity across systems
• Currency risk if maintaining assets in home country

Planning Focus: Establishing tax residency, understanding retirement implications, healthcare and insurance, housing purchase vs. rental decisions, citizenship and immigration planning.

Retirement Expats

Retired and relocating for lifestyle, cost of living, or quality of life:

Advantages:

• Fixed retirement income (pensions, investments)
• Often attracted to lower cost-of-living countries (enabling retirement on modest income)
• Time to manage financial complexity
• Healthcare and visa considerations important but more stable

Challenges:

• Healthcare access in destination country (Medicare doesn't cover abroad)
• Pensions might be limited outside home country
• Visa requirements might restrict residency duration
• Currency risk significant if income in home currency
• No ability to earn income if needed

Planning Focus: Healthcare planning (travel insurance, local insurance, visa medical requirements), pension and social security optimization, currency hedging for income, visa residency requirements, estate planning for two countries.

Understanding Tax Residency and Obligations

Tax residency is the foundation of international tax planning.

Tax Residency vs. Citizenship

Tax Residency: Where you're taxed on worldwide income. Determined by residency days, permanent home, center of vital interests, or other factors. Can differ from citizenship.

Citizenship: Your legal nationality. Determines passport and home country rights.

You might be a US citizen working in Singapore, making you a US tax resident (US taxes worldwide income) and a Singapore tax resident (Singapore taxes worldwide income). This creates potential dual taxation.

Some countries require citizenship for tax residency; others tax based on residency location only.

Determining Your Tax Residency

Tax residency determination varies by country:

Physical Presence Test: Most countries consider you tax resident if you're physically present 183+ days in a calendar year.

Permanent Home Test: Some countries consider you tax resident if you maintain a permanent home (even if not living there).

Center of Vital Interests Test: Some countries test where your economic interests lie (job, family, social connections).

Immigration Status Test: Some countries link tax residency to visa status.

Declaration/Registration: Some countries require explicit tax residency registration.

Understanding your country's specific test is crucial. You might satisfy multiple countries' residency tests simultaneously (creating dual taxation) or none (creating taxation gaps).

Tax Treaties and Double Taxation Avoidance

Most countries have tax treaties with each other specifying which country has primary tax rights and which is secondary.

How They Work: Treaties typically determine primary tax rights by:

• Employment income: Country where work is performed
• Investment income: Residence country
• Business income: Where business is operated
• Professional services: Where services are provided

Tax Credit: If you're taxed in two countries, you typically claim foreign tax credits—deducting taxes paid to one country from taxes owed to another.

Totalization Agreements: Special agreements (especially for US) determine which country provides social security benefits and contributions.

Strategy: Understanding applicable tax treaties minimizes double taxation and clarifies which country taxes what income.

Becoming Non-Tax-Resident

To avoid home country taxation, many expats attempt to become non-tax-resident:

Challenges:

• Some countries (US) tax citizens on worldwide income regardless of residency
• Other countries (UK) have ties-based taxation (years living abroad before losing residence)
• Some countries require formal registration as non-resident to avoid taxes
• Banking and investment account maintenance in home country sometimes triggers residency

Strategy: Consult tax professional about home country's residency loss rules. Formal notification, severing ties, and proper documentation might be required.

Managing Taxation as an Expat

Expats face complex tax filing requirements and opportunities.

US Expats: Special Considerations

US citizens face unique tax burden—US taxes worldwide income regardless of where earned or where you live.

Advantages:

• Foreign Earned Income Exclusion: $120,000+ of foreign earned income is excluded from US taxation
• Foreign Tax Credit: Can claim credits for taxes paid to foreign countries
• Tax treaties: Provide additional relief from double taxation

Challenges:

• Still file US returns annually even if below exclusion
• US invests globally—many foreign investment accounts trigger FATCA reporting
• Social security self-employment taxes apply even with exclusion
• Moving funds between US and foreign accounts requires documentation

Requirements:

• Annual US tax return (Form 1040)
• Foreign Bank Account Report (FBAR) if foreign accounts exceed $10,000
• Foreign Account Tax Compliance Act (FATCA) reporting

Strategy: US expats should work with international tax professionals. Failing to file or report creates serious penalties ($10,000+).

Non-US Expats

Non-US expats face more typical international tax situations:

File in Destination Country: Pay taxes on income earned in destination country.

File in Home Country: Pay taxes on foreign income earned abroad (many countries tax residents on worldwide income).

Deductions: Foreign housing, moving expenses, and other costs might be deductible.

Tax Residency Strategy: Some expats choose tax residency strategically. Digital nomads might choose countries with no income tax or favorable expat tax regimes.

Filing Strategy: Work with international tax professionals in both countries. Understanding treaty benefits prevents double taxation.

Self-Employment and Freelance Taxation

Self-employed expats face additional complexity:

Income Tax: File in countries where income is earned and where you're tax resident.

Self-Employment/Social Security Tax: File in home country (for social security credit) or destination country (depending on tax residency).

VAT/GST: Many countries require VAT registration if earning above thresholds. Complex for remote service providers.

Business Structure: Some jurisdictions allow tax-efficient business structures (Singapore private company, UAE free zones, etc.).

Strategy: Many digital nomads benefit from tax-efficient jurisdictions. Some countries specifically welcome digital nomads with favorable visa and tax regimes.

Managing Currency Risk and Transfers

Currency fluctuations significantly impact expat finances.

Currency Risk Reality

If earning in one currency (local) but have obligations in another (home country mortgage, family support), currency fluctuations directly affect financial situation.

Example: Earning 50,000 SGD (Singapore) annually while supporting family in US. If SGD weakens from 0.75 USD to 0.70 USD, same 50,000 SGD is now worth $1,500 less in USD annually—meaningful for tight budgets.

Long-term currency trends matter too. Some currencies strengthen over decades; others weaken. Currency trends affect savings denominated in different currencies.

Hedging Currency Risk

Strategies to manage currency exposure:

Natural Hedging: Hold assets in multiple currencies. If earning in SGD and have SGD expenses, net exposure is neutral.

Forward Contracts: Lock in exchange rates for future currency conversions. You convert SGD to USD at specified rate months in advance.

Currency Options: Purchase options to sell currency at specified rate. If rate improves, don't exercise option. If rate worsens, exercise option.

Currency ETFs: Hold ETFs tracking currency pairs to offset exposure.

Multi-Currency Accounts: Hold money in multiple currencies, converting only when needed rather than maintaining all wealth in single currency.

Practical Approach: Many expats use simple natural hedging—keeping expenses and income in same currency where possible. If earning in local currency and spending in local currency, currency fluctuations don't affect you.

International Money Transfers

Moving money between countries involves fees, exchange rates, and timing.

Methods and Costs:

Traditional Bank Transfers: Expensive (3-5% in fees), slow (3-5 days), poor exchange rates.

Money Transfer Services (Western Union, MoneyGram): Very expensive (5-10% fees), fast (minutes-hours), regulated.

Online Transfer Specialists (Wise, OFX, Remitly): Moderate fees (1-3%), good exchange rates, reasonable speed (1-3 days).

Cryptocurrency Transfers: Very low fees, fast, but requires crypto account setup and involves volatility risk.

Home Country Bank International Services: Varies; some offer good rates, others expensive.

Strategy: For regular transfers, use online specialists with good exchange rates and low fees. For large transfers, shop rates among providers. For business accounts, work with business banks optimizing international transfers.

Managing Currency in Savings

For medium-term savings, currency choice matters:

Keep in Local Currency: If staying locally, no benefit to foreign currency conversion.

Keep in Home Currency: If returning home soon or maintaining home country obligations, home currency makes sense despite weak local interest rates.

Split Allocation: Some expats keep 50% in local, 50% in home currency, balancing options.

Higher-Interest Accounts: Some countries offer higher interest rates. Moving savings to high-interest accounts in stable countries (Australia, Canada, Singapore) improves returns.

Strategy: Match savings currency to likely future spending currency. If returning home in 2 years, home currency makes sense. If staying indefinitely, local currency makes sense.

Banking and Financial Account Access

As an expat, maintaining banking and financial accounts becomes complex.

Opening Accounts in New Country

Requirements vary by country but typically include:

• Valid visa/residency permit
• Proof of address (rental agreement, utility bill)
• Proof of income (employment letter, previous tax returns)
• Identification
• Initial deposit

Challenges:

• Some banks refuse accounts to expats on work visas
• Some banks require residency (not available to temporary residents)
• Some countries restrict non-residents' account access
• Remote account opening increasingly difficult post-FATCA

Strategy: Open bank account as soon as you arrive. Later in expat status becomes harder. Establish banking relationship early even before employment.

Maintaining Home Country Accounts

Many expats maintain accounts in home country:

Advantages:

• Easy currency conversion
• Payment to home country obligations
• Asset security if planning to return
• Familiar banking

Challenges:

• Banks might freeze accounts if you no longer reside there
• FATCA and FBAR reporting requirements complicated
• International transfers fees and delays
• Higher tax complexity

Strategy: Maintain home country account if you have ongoing obligations (mortgage, family support) or planning to return. Otherwise, consolidate locally. Ensure account remains active (maintain minimum balance, periodic transactions).

Alternative Financial Institutions

Beyond traditional banks:

Online Banks: Some offer international accounts (Wise, N26, Revolut). Good for:

• Multi-currency holdings
• International transfers at low cost
• Avoiding bank location requirements
• Mobile-first banking

Investment Accounts: Brokerages (Interactive Brokers, Saxo) enable international investing from anywhere.

Credit Card Companies: International credit cards (especially with no foreign transaction fees) simplify spending.

Strategy: Use combination of local bank (for day-to-day), online bank (for international transfers), and investment accounts (for long-term investing).

Healthcare and Insurance for Expats

Healthcare is critical consideration for expats, especially in countries with poor public healthcare.

Understanding Local Healthcare

Public Healthcare: Many countries offer government healthcare (free or subsidized). Quality varies dramatically (excellent in Singapore, varied in developing countries).

Private Healthcare: Often available (sometimes expensive, sometimes very affordable). Common in middle-income countries.

Employer Coverage: Some employers provide healthcare or subsidies.

Research Requirements: Understand healthcare quality, cost, coverage in your destination before moving.

Expat Health Insurance

Why It's Necessary:

• Public healthcare might exclude expats
• Local coverage might not meet expectations
• Medical costs in some countries are high for uninsured
• Travel home for emergency care often not covered by local insurance

Coverage Typically Includes:

• Hospital and emergency care
• Doctor visits
• Prescription medications
• Often pre-existing condition coverage
• Evacuation and travel home if needed

Providers:

• AXA, Allianz, Cigna: Global providers offering international coverage
• Local providers: Often cheaper but limited coverage
• Employer plans: Sometimes extend internationally

Cost: $100-500+ monthly depending on age, coverage level, and location.

Strategy: Purchase expat health insurance immediately upon arrival. Medical expenses abroad without insurance create financial catastrophe.

Dental and Vision

Often not covered by health insurance:

Options:

• Separate dental/vision insurance
• Out-of-pocket payment (often much cheaper in lower-cost countries)
• Periodic travel home for major procedures

Strategy: In low-cost countries, paying out-of-pocket for dental is often cheaper than US insurance. In expensive countries, travel home for major work.

Mental Health Coverage

Often limited or not covered:

Options:

• Expat-specific mental health services
• Therapy through home country (online)
• Coaching and counseling services
• Support groups for expats

Strategy: Mental health challenges are common for expats (isolation, culture shock, family separation). Ensure mental health support is accessible.

Retirement Planning Across Borders

Retirement planning becomes complex when spanning multiple countries.

Understanding Pension Portability

Non-Portable Pensions: Some country pensions are payable only to residents. Americans abroad receive social security worldwide. Many others receive pensions only in home country.

Research Requirements: Before choosing expat destination, research whether pensions are available where you plan to retire.

Portability Planning: If planning to retire internationally, select destination allowing pension receipt or plan to return for retirement.

Contribution Gaps

Career across multiple countries might create contribution gaps:

US Social Security: Requires 40 credits (10 years of contribution) for benefits. Expats can contribute self-employment taxes while abroad to maintain credit.

Other Pension Systems: Some countries count foreign contribution years toward pensions; others don't. Research your system's rules.

Totalization Agreements: Many countries have agreements determining pension eligibility for people working across countries.

Tax-Advantaged Retirement Accounts Across Borders

US Expats:

• Can contribute to IRAs and Solo 401(k)s despite foreign income (using exclusion carefully)
• Some countries don't recognize US retirement account tax advantages
• Must maintain accounts through eligible US custodians

Non-US Expats:

• Home country accounts might not be portable internationally
• Destination country might have tax-advantaged accounts
• Might need both home and destination accounts

Strategy: Understand which retirement accounts are available in your destination. US expats should maximize contributions even abroad. Non-US expats might be better off with local accounts.

Healthcare in Retirement

Retiring internationally creates healthcare challenges:

Medicare Eligibility: US Medicare doesn't cover care outside US (except Canada/Mexico/nearby countries).

Options:

• Travel insurance while abroad
• Local healthcare (public or private insurance)
• Periodic return to home country for care
• Supplemental expat health insurance

Strategy: Plan healthcare access carefully. Some retirees return to home country for Medicare eligibility. Others maintain private insurance or rely on destination country healthcare.

Currency Risk in Retirement

Fixed pensions in home country currency become vulnerable to currency fluctuations:

Example: Pension of $3,000/month in USD, living in Philippines. If USD strengthens, your lifestyle improves. If USD weakens, your lifestyle is compressed.

Hedging Approaches:

• Live in stable-currency country
• Keep costs in same currency as income
• Maintain some assets in home currency as cushion

Strategy: Match retirement location to currency preference. If receiving USD pension, cost of living in USD-linked countries (or those using USD) is easier to manage.

Visa, Immigration, and Financial Implications

Visa status affects financial planning and restrictions.

Work Visa Restrictions

Common Restrictions:

• Can only work for sponsoring employer
• Cannot engage in self-employment
• Cannot start businesses
• Cannot freelance or consult

Financial Impact:

• Limits income to single employment source
• Cannot supplement income with freelancing
• Restricts business opportunities

Strategy: Understand visa work restrictions. If interested in entrepreneurship or additional income, confirm visa allows it. Some countries offer entrepreneur/startup visas.

Visa Duration and Financial Planning

Visa duration affects planning horizons:

Short-Term Visas (1-3 years):

• Plan short-term financial goals
• Be cautious with major purchases (homes)
• Maintain flexibility in commitments

Long-Term Visas (5+ years):

• Can plan medium-term
• Purchasing property becomes viable
• More permanent financial integration

Indefinite Visas/Residency:

• Plan long-term
• Property ownership, mortgage access normal
• Full financial integration

Strategy: Plan financial decisions according to visa certainty. Don't overcommit financially if visa is uncertain.

Citizenship and Tax Implications

Obtaining citizenship in destination country often has tax implications:

Some Countries: Citizenship triggers different tax status or loss of expat tax benefits.

Others: Citizenship enables significant tax optimization (dual taxation avoidance, access to country-specific tax advantages).

Strategy: Before obtaining citizenship, understand tax implications. Some countries offer tax advantages to recently naturalized citizens.

Property and Housing Decisions

Property decisions as expat involve complexity and risks.

Renting vs. Buying

Renting Advantages:

• Flexibility (if visa ends, can leave)
• Avoid property market risk
• No maintenance responsibility
• Easier visa compliance (landlord relationships don't matter)

Buying Advantages:

• Build equity
• Stability (if planning to stay long-term)
• Predictable costs (fixed mortgage)
• Potential appreciation

Challenges of Buying:

• Visa requirements (some require residency to own)
• Mortgage access difficult for expats
• Property market understanding required
• Language and legal system navigation
• Transaction costs (often 5-15% total)
• Currency risk (if mortgaged in local currency, income in foreign)

Strategy: Rent first years to understand local market. Only buy if planning 10+ year stay, visa allows ownership, and you understand local property market.

Mortgage Considerations

International mortgages are challenging:

Who Offers Them:

• Local banks (often require residency/work visa, income documentation)
• International banks (HSBC, Citibank sometimes offer)
• Specialized expat lenders (limited availability)

Requirements:

• Proof of income (employment letter or tax returns)
• Credit check (in some countries)
• Deposit (often 20-30%)
• Employment verification

Challenges:

• Rates often higher than citizen mortgages
• Harder to qualify
• Limited options
• Currency exposure (mortgage in local currency, income in foreign)

Strategy: If purchasing, save substantial deposit (30-50%) for mortgage access. Consider home country mortgages if you maintain home country property/income.

Investment Strategy for Expats

Investing internationally requires different strategy than domestic investing.

Currency Hedging in Investments

If earning in one currency but investing in another:

Foreign Investments: Expose you to stock AND currency risk.

Example: Investing SGD in US stock market exposes you to US stock fluctuations and SGD/USD exchange rate fluctuations. If stock appreciates 10% but SGD strengthens 15%, you have net loss when converting back to SGD.

Hedging Options:

• Hold investments in same currency as income
• Use hedged international ETFs (currency risk removed)
• Accept currency risk as part of diversification

Strategy: Match investment currency to future spending currency. If retiring in home country, home currency investments make sense despite lower expected returns.

Access to Investment Products

Not all investment products are available everywhere:

Brokerage Access:

• Some brokerages restrict expat accounts
• Some countries restrict expat investment access
• Compliance requirements differ

Providers with International Access:

• Interactive Brokers: Global trading
• Saxo Bank: Global access
• IBKR Lite: Stocks/ETFs worldwide
• Some robo-advisors: Global access

Strategy: Research investment account access in destination before moving. Open accounts with internationally accessible brokerages.

Tax-Efficient Investing Internationally

Tax efficiency becomes more complex internationally:

Withholding Taxes: Different countries withhold different amounts from dividends/interest.

Tax Treaty Rates: Treaties often reduce withholding taxes.

Reporting Requirements: Investments might trigger reporting obligations.

Realized Gains: Capital gains might be taxed in multiple countries.

Strategy: Work with international tax professionals. Some investments (home country funds) might have tax advantages; others might have disadvantages. Tax efficiency differs from domestic planning.

Emergency Planning and Risk Management

Expat life involves risks requiring specific planning.

Political Risk

Destination countries sometimes experience political instability:

Risks:

• Currency devaluation
• Asset seizure
• Visa cancellation
• Forced evacuation
• Banking system shutdown

Mitigation:

• Maintain assets in multiple countries/currencies
• Keep emergency funds liquid and accessible outside destination
• Monitor political situation
• Maintain home country documentation/accounts
• Purchase travel insurance

Strategy: Diversify assets geographically. Don't keep all wealth in destination country if political risk exists.

Healthcare Emergencies

Risks:

• Medical situation requiring emergency evacuation
• Local healthcare inadequate for serious condition
• Costs exceeding insurance

Mitigation:

• Quality health insurance with evacuation coverage
• Understanding healthcare quality in destination
• Maintaining relationships with home country physicians
• Health records accessible (digital copies)

Strategy: Purchase comprehensive expat health insurance. Know best healthcare options in destination.

Natural Disasters

Many expat destinations experience natural disasters (earthquakes, typhoons, floods):

Mitigation:

• Research disaster frequency in destination
• Purchase appropriate insurance (earthquake, flood, typhoon)
• Maintain emergency supplies
• Know evacuation procedures

Strategy: Understand disaster risk in destination. Some destinations are safer; others require specific planning.

Job Loss and Income Disruption

Risks:

• Visa tied to employment; job loss threatens residency
• Limited income alternatives in new country
• Expat job market uncertain

Mitigation:

• Maintain emergency reserves (6-12 months for expats)
• Develop multiple income sources
• Maintain home country professional networks
• Understand visa changes if employment ends

Strategy: Emergency reserves are even more critical for expats than domestic residents. Maintain larger reserves due to higher uncertainty.

Returning Home or Moving Again

Eventually, many expats return home or move to another country.

Planning the Return

Financial Considerations:

• Reverse currency exposure (assets in destination currency become liability)
• Selling property if purchased
• Breaking lease
• Healthcare transition
• Tax filing complexities

Logistics:

• Shipping belongings
• Storage if not immediately permanent
• Visa transition or cancellation
• Banking transition

Career Reintegration:

• Explaining gap in resume
• Rebuilding professional networks
• Updating skills
• Employment search

Strategy: Begin planning return 6-12 months before leaving. Understand taxes during transition year (you might file in two countries). Maintain home country professional connections throughout.

Moving to Third Country

Some expats move to multiple countries:

Considerations:

• Visa requirements for new country
• Transferring financial accounts
• Tax filing (might file in 3 countries)
• Healthcare transition

Strategy: Treat as new expat situation. Follow setup process again but understanding you've done it before.

Practical Implementation: Getting Started

For those beginning expat journey:

Before Moving

1. Research tax situation: Understand home country and destination country taxes, treaties, and obligations
2. Plan financially: Save adequate emergency fund (3-6 months minimum)
3. Setup accounts: Open destination country bank account before or immediately upon arrival
4. Secure insurance: Purchase expat health insurance before moving
5. Understand visa: Know work restrictions and visa obligations
6. Notify institutions: Inform home country bank and investment accounts of move

Upon Arrival

1. Open bank account: Establish local banking relationship
2. Secure SIM/phone: Establish communication
3. Register for taxes: Understand local tax registration requirements
4. Enroll in insurance: Activate expat health insurance
5. Establish residence: Secure housing and register residency if required
6. Update home institutions: Notify of new address/location

Ongoing (Quarterly/Annual)

1. Tax planning: Coordinate with professionals on tax filing
2. Currency management: Monitor rates, arrange transfers efficiently
3. Insurance review: Ensure coverage remains appropriate
4. Account maintenance: Keep home country accounts active if necessary
5. Financial tracking: Monitor spending and savings in new currency

Conclusion: International Finances Require Intentionality

Expat financial planning is complex but manageable with intentionality. The key is understanding your specific situation (type of expat, visa status, time horizon) and addressing core areas: taxes, currency, banking, healthcare, and insurance.

Don't attempt to navigate alone if complexity is high. Working with international tax professionals, financial advisors familiar with expat situations, and immigration consultants ensures you're optimizing your situation and avoiding costly mistakes.

Most importantly, address planning immediately upon deciding to move abroad. Waiting until after arrival makes everything harder and more expensive. Banking opens easier for arriving expats. Visa compliance begins on day one. Tax obligations are based on arrival date.

International living offers extraordinary experiences and opportunities. Managing finances well enables you to enjoy these opportunities without financial stress. Take time to understand your situation, make intentional plans, and execute them consistently.

Your international financial health is worth the investment in planning and professional advice.