Tips for Choosing the Right Place to Retire
It’s never too soon to start planning for your retirement or for engaging in estate planning. In fact, a lot of retirement and estate planning goes hand in hand.
If you plan to retire in a new state, you should revisit your estate plan with an attorney licensed to practice law in the state you move to. This may affect the estate plan you have in place, because estate tax laws and laws affecting your estate plan can vary from state to state.
Here are some tips to help you choose a place to retire that meets all of your needs:
- Make a list: Write down the places you would consider retiring. A general idea of places you think you might like to live is all that you need.
- Narrow down that list: Keep in mind that some great vacation destinations don’t always make for great retirement destinations. Try to make a visit to each destination before you actually retire there, and check to see if there are active communities of retirees in which you can immerse yourself.
- Consider important factors: Some of the most important factors beyond just the location itself may include your proximity to family, as well as your healthcare needs. Everyone has different levels of comfort regarding how close or far they’d like to be from family. Make sure your healthcare services can be easily accessible.
- Taxes: Each state has its own tax rules. In addition to the federal estate taxes, some states have their own state estate taxes as well.
- Costs: Ask these questions when deciding where to retire: How much will housing cost in your potential retirement destination, and what can you expect is the general cost of living? These costs could influence the age at which you can retire.
For more information about choosing a retirement destination and how that could affect your estate planning, contact an experienced estate planning attorney at BaumannKangas Estate Law.