Have you considered retirement outside the United States? It is an option. In many cases, your money can go further than in the United States. The day to day expenses for food and shelter that make up most of your expenses can often be a fraction of what it costs here. If you are a fan of some of the television real estate shows, you have seen spectacular homes for what seems like a great value.
With any real estate purchase, you want to research the property and the surrounding area. Depending on your previous experiences, you may be accustomed to mandatory disclosures and in some locales, mandatory government inspections of sale properties. You can most likely toss those assumptions out the window. Your seller may legally conceal important facts in some jurisdictions, like if you are in a flood zone. A local expert is priceless and will have contacts in other important areas such as home inspectors and local insurers. You should also find out well in advance if there are any restrictions on your ownership rights as a non-citizen.
More importantly, you will need local estate planning. Depending on the country and in some cases, also the province, you may have estate tax liabilities in the new country, making it difficult if not impossible to pass on your dream getaway to a loved one. Your foreign holdings may also have an effect on both your United States and Vermont estate tax liabilities. The values of the holdings are still considered part of your estate. The estate tax paid in other countries will be considered an expense of the estate.
- Does My 401(k) Account Count for Medicaid Eligibility? - October 20, 2022
- Senior Care Options - October 18, 2022
- Is an Oral Will Valid in Vermont? - October 13, 2022
