Retiring to another country can be a very attractive option. Lower cost of living and health care expenses along with exotic locales and temperate climates persuade many seniors to retire outside of the United States. If you want to ensure a smooth transition, however, there are many issues to consider and steps to take before packing up and moving.
Sometimes retiring and living out your days is all about finally getting to live in and enjoy the home you’ve always had. However, for an increasing number of people retirement is all about foreign shores. If you’re thinking about retiring abroad, then there is much to dream about. To do it well, there is also much to think about and plan.
The romance of the move aside, retiring abroad has an appeal not limited to wanderlust. It can mean lower cost of living, healthcare costs, taxation benefits, and a whole new lifestyle. But since retiring abroad means planning to move internationally, planning your retirement and, yes, planning for your eventual estate, it’s no small step. You’ll very much need to look into your future home and the laws that exists there, and work with competent counsel to guide you back here in the States. To help you in thinking about the transition and the steps to take to make the dream a reality, there is a helpful recent exposition in ElderLawAnswers titled “Things to Consider Before Retiring Abroad.”
Will you retain citizenship here? Is here home as well? Where are your bank accounts, retirement accounts, insurances and so forth? Who takes your taxes? Who will your heirs be and where? You may be a citizen of the world, but your assets, rights, and plans are bound up with the laws of your country of origin and future home country. Accordingly, switching between the two may not be so simple. The laws can define what you can accomplish, and it’s not worth allowing a bureaucrat to darken your dream. It is a big cliff to face, but not an insurmountable one.
You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.
Reference: ElderLawAnswers.com (May 22, 2014) “Things to Consider Before Retiring Abroad”