If you’re interested in the advantages of foreign diversification for asset preservation and estate planning, this is the conversation for you. This week’s guest on the show is Mikkel Thorup, the CEO of Expat Money™, a consulting advisory organization that assists individuals with foreign asset diversification. Mikkel assists clients in relocating their wealth out of the United States by helping them establish offshore trusts and foundations and facilitating foreign investments. In this episode, we explore how you can expand your estate beyond your home country’s limits.
[02:34] Background – Mikkel summarizes his journey thus far by discussing his work, his clientele, and the source of his exposure to the industry in which he currently works.
[15:37] Asset Protection – Mikkel goes over the basics of asset protection, including what it is and how it operates.
[21:12] Trust vs. Foundation – Mikkel discusses trusts and foundations, as well as how his consulting firm helps its clients with these types of frameworks.
[26:46] Be Aware – Cross-border issues and scammers are a perennial concern in modern society. Mikkel outlines where people go wrong, what mistakes might be made, and what must occur to move assets overseas.
[32:28] Residency vs. Citizenship – Mikkel offers a comprehensive breakdown of the concepts of citizenship and residence in a foreign country.
[39:36] Opportunities – Mikkel explains his overall philosophy and strategy, as well as the process by which he sources opportunities for clients.
[43:35] Selections – Mikkel outlines how he decides which jurisdictions to work on or within.