Published October 13, 2023 • 2 Min Read
Where do you plan to retire? In the sunshine with a cool drink in your hand? Is a retirement home in your future? What if you own U.S. property? In this episode of Go-To Grandma, host Kathy Buckworth covers all these scenarios.
First, she chats with Josey Vogels, former writer and realtor now living in Merida, Mexico, having retired there at age 58. Vogels chats about the challenges and surprises of retiring abroad, the difference between vacationing and living in a place, and the mental shift busy people must make when gearing down.
Next, Buckworth hears from Karen Burt, Director of Lifestyle Options with Schlegel Villages. Burt describes the close-knit family atmosphere and small-town feel of the retirement communities they operate, sharing how residents pursue their passions and purpose in a welcoming environment where they develop meaningful relationships. She advises people looking at retirement living and urges pre-planning before making the move.
During the Take 5 With RBC segment, Buckworth chats with RBC’s Allison Marshall about what you need to know about the tax implications if you pass away while owning a property in the U.S. She shares the ins and outs of worldwide estate value, U.S. estate tax exemption thresholds and other U.S. estate tax rules. She also discusses the importance of speaking with a planner to include strategies in your financial plan to help manage U.S. estate taxes and the intricacies of assigning a Power of Attorney when dealing with U.S. property.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
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