Sometimes retiring and living out your days is all about finally getting to live in and enjoy the home you have always had in Overland Park or elsewhere. However, for an increasing number of people retirement is all about foreign shores.
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 is no small step.
In fact, you will 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 US of A. To stimulate your thinking about the transition and the steps necessary 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 countries may not be so simple. The overlapping and intersecting laws can define what you can accomplish, and it is not worth allowing a bureaucrat to darken your dream. It is a big cliff to face (and, hopefully, not a race to a big cliff), but with proper planning it is not an insurmountable one.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.
Reference: ElderLawAnswers.com (May 22, 2014) “Things to Consider Before Retiring Abroad”