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Consider the following six expert tips if youre consideringrelocating to a cheaper city in retirement.
If youre considering moving to another country, be prepared to provide what is needed to obtain a visa.
Fortunately, most countries will welcome U.S. citizens, as long as they have proof of income.
Find Out Your Property Tax Obligation
Property taxes can differ significantly from city to city.
check that you know the property taxes youll be responsible for regarding a specific property.
Its also worth knowing whether the state youre thinking of living in offers homestead credits.
Some states offer automatic renewal once you apply the first time, while others require an annual tool.
This is a tax that the heirs pay upon receiving an inheritance.
Spouses are exempt from this tax, and some states exempt other immediate family members, Rivers said.
Maryland is the lone state with both an estate and inheritance tax.
The Iowa inheritance tax is set to be phased out in 2025.
Do your homework carefully here.
Your current plan may not be available in your new state.
Pricing may be different in your new state, Rivers said.
As an additional wrinkle, not every plan is offered in every state.
Check to see that yours is available, and if not, start researching a replacement.
you’re free to change your plan within a set time period.
Berlanga recommended asking yourself the following questions.
Pump the brakes, ask yourselves the big questions and do all your homework before buying a home there.
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