When Families Cross Borders: A Guide for Internationally Mobile People by Jennifer A. Patterson, CFP (US), CIMC, CIMA. Cross-Border Publishing Ltd., Hamilton, Bermuda.

MOST people's lives are spent in one country, barring business and vacation travel. Their financial affairs are subject to the rules of their home country, where they pay their taxes, buy their homes and do what they can to keep body and soul together.For an increasing number of people — some of whom might live on your street — modern life involves being educated, living, working and investing in more than one country. Bermuda is probably home to as high a percentage of such folk, per capita, as any country in the world.

For such people and their families, Jennifer A. Patterson, of local company Patterson Partners Ltd., has written a book addressing the opportunities and challenges that such a lifestyle presents. This is an emerging field, in which resources are scarce. Mrs. Patterson, a US-licensed certified financial planner practitioner, has assembled her thoughts in a coherent, logical and hugely useful fashion, and no one whose life crosses borders should be without a copy.

The author accurately describes When Families Cross Borders as a guidebook. Given the complexities of international regulation and everyone's unique financial circumstances, no better word could apply. The book doesn't tell you what to do, but it points you in the right direction, forces you to consider your situation from all angles, and — perhaps best of all — invites you to think in the manner necessary to achieve the best possible financial outcome.

In an introduction explaining the forces that shaped the person she became, Mrs. Patterson writes that the primary reason financial and regulatory issues never crossed her mind before she left her home country (the US) "was that I was living my life and following my heart. And so it is with many people who lead international lives," she continues. "I can honestly relate to so many people who have moved first and thought about the financial and perhaps legal, ramifications later."

Outlining her subjects, she writes: "Cross-border financial planning attempts to coordinate the technical areas of law, tax, investments, risk management, employee benefits and social insurance between two or more countries," the author writes, which should provide an idea of just how important — or unimportant — the book might be to your life.

The work is presented in four sections. The first addresses the need for financial planning. The second looks at the technical areas of a comprehensive financial plan, including the concepts of residence, domicile and citizenship. Thirdly, the author looks at areas such as international divorce, the custody and movement of children across international borders, expatriation for US citizens and non-residency status for Canadians. The final section reviews necessary action and provides additional resources. A chapter on family-owned businesses is also included. The reader may pick and choose the material that will help, although the book works well as a straight-through read.

Most people who take the first step towards cross-border living do so in something of a frenzy of anticipation, accompanied by the chaos that such a move entails. With all the excitement, there may not be time for planning. Most of those involved in the process of becoming internationally mobile will have no clue what might be entailed. In such a case, ignorance is not bliss; it can be financially dangerous. In planning, financially or otherwise, afterwards can be too late.

Employers would do well to hand a copy of this book to anyone they intend to hire from overseas. Those who are already internationally mobile or possess dual citizenship should read it as a matter of urgency; whatever opportunities may have been lost, it's never too late to start to make things better. And those who never leave home might do well to read it and see what ideas it sparks.

A timely work, written in a user-friendly fashion, and almost certain to make a difference to many, sooner or later. How much more can you ask for?