A huge trend these days seems to be for many individuals to retire to some of the best states in the union (not that we're biased). This includes Montana, Wyoming, and yes, Idaho. Low cost of living, less traffic, and lower taxes are all part of the appeal. Not to mention the beautiful scenery and chance to escape the hustle and bustle. At Idaho Estate Planning, we've worked with a number of families coming from other states (specifically California) to enjoy a different lifestyle in their retirement.
That's okay! We can't fault people for wanting to be in the most beautiful state with the best folks by retiring to Idaho. However, there are a few things you'll want to take care of as you make the move from out of state.
1. Contact an attorney in your new state to review your current estate plan. There are major changes between states like CA and ID in how your estate plan will be followed. You don't want a judge in Idaho trying to figure out what to do with your assets based on the California system where they were created. Simplify everything by having your current documents reviewed and perhaps amended for your new state.
Additionally, you will likely be selling and or buying a new home. This will likely change the plan you have laid out, so you'll probably need to make updates anyway. Get it all taken care of when you get to your new home state of Idaho.
2. Revisit and update Powers of Attorney in Idaho and other ancillary documents, including healthcare power of attorney, advance directives, and more. These are part of your estate plan, but you'll want to make sure you have the whole package reviewed by and Idaho estate planning, attorney. Again, you won't want to be in a situation where an Idaho judge is making decisions based on documents from another state.
3. Consider retirement as a whole and the necessary next steps. Regardless of your age or state of residency, when you retire there are a number of things to review and plan for. This includes Medicare, Medicaid eligibility, when to start drawing social security, paying for long-term care and more! Add to that the fact that many retirees are caring for aging parents and perhaps their own children. This "sandwich" generation has a lot to consider at retirement, and a good estate planning attorney can help you navigate.
So, if you're planning a retirement to the great state of Idaho, welcome. Get in touch with our office and we'll help you make sure you're set for your future in the Gem State!