Crafting an estate plan is a vital tool for those seeking to preserve their assets as they age. Due to the varying tax considerations of different states, determining where you may be relocating for retirement or for late-life care can have significant implications for your estate plan and your assets’ protection.
Income tax obligations can vary wildly from state to state. Some states may have exorbitant tax rates, while others have little or no state income tax at all. When considering how to plan for your future, taking into account the various tax implications of the place where you may want to live is important for both protecting your assets’ longevity and maintaining your desired standard of living.
Tax rates are not the only thing to consider about a location. The quality and availability of late and end-of-life care may or may not be up to your desired standards, depending on where you choose to establish your residency. While you may not be of age to be concerned with these sorts of things at the time of crafting your estate plan, taking them into consideration sooner rather than later can save time, money, and frustration. Waiting until later on when they are matters of need and not matters of convenience may compromise the efficacy of your estate plan.
Planning for your future and the future of your assets is a great privilege and a great responsibility. Creating your estate plan with the guidance of an experienced estate planning attorney helps to ensure you avoid costly mistakes and craft the plan that is best for you.