Many people who are retiring and plan to move overseas, should be aware of some contingencies to consider, according to Financial Advisor in "More Americans Are Retiring Abroad -- But Do They Have a Plan?"
Foreign countries are looking attractive to American retirees for several reasons, including wanting to be close to family who live in other countries and that many developing nations with nice climates are beginning to catch up to the U.S., in terms of safety and available services.
One of the most important things people do not understand is that foreign countries often have very different estate laws than those in the U.S. That means careful estate planning must be done before retiring overseas, especially if Americans want to make sure that their estates are distributed in the ways that they would expect.
Americans also often make the assumption that after they move overseas to retire, they will never need to move back. This is also often a mistake, since the situation in a foreign nation might change due to instability or natural disaster.
Other retirees may wish to return for healthcare reasons or just an inability to adjust to life in another country. Because of these factors and others, it is advisable to keep a place in the U.S. so you may return, if necessary.
If you have any questions about the international implications of your retirement plans, contact us today. We have had a lot of experience with a variety of different international issues.
Reference: Financial Advisor (Feb. 15, 2017) "More Americans Are Retiring Abroad -- But Do They Have a Plan?"