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Covering Your Assets: Risk Management and Your Cross-Border Move

June 3, 2014 By Cardinal Point Wealth

In a recent blog post, we looked at important issues to consider when making a cross-border transition to Canada or the U.S. We touched upon the need to review risk exposure to ensure your current risk management strategies remain appropriate and new strategies are implemented as needed.

riskassessment Risks are a part of everyday life, but some risks can have a devasting impact on what you’ve worked so hard to accumulate over your lifetime. Events such as a sudden illness, a car accident, or the death or disability of a working spouse can lead to a severe reduction of your assets. But what specific questions should you ask to help ensure you’re protected? Here are a few to consider:

  • When making a transition to the United States or Canada, what coverage will your current healthcare insurance provide? Will you be out of network? Will you need that coverage?
  • If you’re an American transitioning to Canada, will Medicare cover you or are you eligible for Canada’s universal healthcare system? If you’re a Canadian moving to the U.S., can you keep your Canadian coverage or will you be eligible for the U.S. healthcare system, including Medicare? How will recent changes to U.S. healthcare affect your specific situation?
  • Your life insurance coverage may be sufficient prior to your move, but what effect could the exchange rate have on any death benefits you’re paid after your move? Will your life insurance needs be higher or lower after your cross-border transition?
  • The same issues that apply to life insurance also apply to disability insurance. Will your policy still pay if you make a cross-border transition?
  • How will a cross-border move to the U.S. or Canada impact your auto and homeowner insurance coverage? What are the differences between U.S. and Canadian auto and home policies?
  • What are the cross-border ramifications if you can no longer perform certain daily living activities and require skilled nursing care?
  • As these questions show, making a cross-border transition brings with it the potential for new risk exposures. Will you be prepared?

Whether you’re planning a work-related move to Canada or seeking to adopt a “snowbird” lifestyle in the U.S., it’s always prudent to do the requisite planning ahead of time. The cross-border specialists at Cardinal Point Wealth Management can help you work through the specific areas of risk exposure when making a move to the U.S. or Canada.

Terry Ritchie is the Director of Cross-Border Wealth Services at the Cardinal Point, a cross-border wealth management organization with offices in the United States and Canada.  Terry has been providing Canada-U.S. cross-border financial, investment, tax, transition, and estate planning services to affluent families for over 25 years.  He is active as an author, speaker and educator on international tax and financial planning matters. www.cardinalpointwealth.com

Filed Under: Articles, Canada-U.S. Financial Planning Articles, Canadian Snowbirds, Cross-border Transition Planning Tagged With: Canada-U.S. financial planning, Canadian Snowbirds, healthcare, Transition Planning

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"Cardinal Point" is the brand under which the dedicated professionals within the independent Cardinal Point Group of Companies collaborate to provide financial and investment advisory, risk management, financial planning and tax services to selected clients. Cardinal Point comprises two legally separate companies: Cardinal Point Wealth Management Partners, LLC, a U.S. registered investment advisor and Cardinal Point Capital Management ULC is a U.S. registered investment advisor and a registered portfolio manager in Canada (ON, QC, MB, SK, NS, NB, AB, BC). Advisory services are only offered to clients or prospective clients where the independent Cardinal Point firms and its representatives are properly registered or exempt from registration. Each firm enters into client engagements independently. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.