It is not unusual for people to want to spend their retirement years abroad or invest in foreign property for use whenever they please. Of course, this type of move requires a considerable amount of consideration and financial planning to ensure that important details are not overlooked. Additionally, New York residents looking to spend their later years abroad may want to make sure they keep estate planning in mind.
If parties are nearing their retirement years, it is likely that they have already created their estate plans. If they choose to move abroad, those plans need to be revisited. In particular, parties may want to pay attention to how their estates could be taxed both in the United States and in the country they later reside.
Essentially, individuals will need to have a comprehensive estate plan that addresses both their foreign and domestic estate obligations. In some cases, that may mean having documents for each country to ensure that the proper laws are followed and that the documents are considered valid. Certainly, addressing foreign property can be complicated, but it is not an impossible endeavor to undertake.
Having the assurance that all estate planning matters have been addressed could allow individuals to feel more at ease in their retirement years, especially if they retire abroad. In order to get these important affairs in order, parties may want to work with New York attorneys experienced in handling foreign estate matters. Having this guidance could better ensure that all applicable documents are utilized and created correctly.