Posts Tagged ‘Retirement’

Eight Estate Planning Tasks To Complete Before Traveling

Most people create a list of things they need to accomplish before leaving on a trip. Some of them are necessary to prepare for the trip, while others are just things that need to be accomplished. Taking care of estate planning tasks is a great thing to put on your to-do list because having your estate in order will give you peace of mind while you travel and make things easier for your family if you don’t return from your trip.

Make a Plan

If you don’t have a plan for your estate, now is an excellent time to make one. Use your trip as a deadline to motivate you to complete your estate plan. Make sure you give yourself enough time to actually complete the plan before you leave so that it’s done and you don’t have to worry about it while you’re traveling.

Update Your Estate Plan

If you already have an estate plan it is essential that you update it whenever there is a change such as a birth, marriage or death. Review your plan as soon as possible and allow time for changes to be finalized before you leave.

Review Your Beneficiary Designation

Designating your beneficiary is one of the most important estate planning decisions you make. Make sure any changes are made as soon as possible after a divorce or death so that your finances will be handled according to your wishes.

Name a Guardian for Your Children

Make sure you have named a guardian for any minor children you have. Talk to them before finalizing the paperwork to make sure they are willing and able to care for your children if something happens to you before they are adults. Take a few minutes to consider whether the person you have named is the right person before leaving on your trip.

Secure Incapacity Documents

Your estate plan should include documents that allow anyone you have designated to make decisions regarding your health care if you are unable to do so yourself. A Durable Power of Attorney for Health Care and HIPPA authorizations that allow your medical situation to be discussed with those you have chosen should be included.

Go Over Your Life Insurance Policies

Review your life insurance coverage to make sure it meets the needs of your family while you are preparing for your trip. The amount of coverage you need may have changed since you last reviewed the policy.

Organize Your Documents

Make a list of all your financial accounts and make sure that at least two people you love have copies of the list. This list should be updated just before you leave so that nothing is left off. You may need to provide account numbers and passwords so that your financial accounts are easily accessible if you don’t return from your trip.

Share Your Estate Plan with Family Members

You don’t have to show everyone your financial documents or give them your account passwords, but it’s important to let everyone know what your general plans are and why. Family members who understand your estate plan are less likely to challenge your wishes after you have passed on than those who had no idea what your plans were until you passed.

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Fred Guia is currently blogging for an estate lawyers nj company. He enjoys providing help and advice on different estate topics like wills, living trusts, and other related topics.

Panama Retirement – Why Retire To Panama

Panama Retirement – Best Decision

Are you entertaining thoughts about Panama retirement? Have you asked yourself why would you choose Panama as your retirement destination? Why you need to pull up your roots and relocate to a foreign country to live out your golden years? Why would you give up your friends and move to a country where you hardly know anybody for Panama retirement? Why would you adapt yourself to a different way of life, culture, climate and language for Panama retirement? Panama retirement is not an easy decision to make. You need to know the pros and cons. You must first educate yourself about the realities of living there. The best way would be for you to visit Panama and stay there as a tourist first, so you will know the country and its people.

Panama Retirement – Why choose Panama

Many retirees in Panama give the following reasons why they chose to retire to this country..
The cost of living in Panama is a lot cheaper than in the USA, Europe, Canada and other Latim American countries. For US$1,200 or $2,000. you can live there very well, with utilities, food, running car, full time maid and a doctor visit. Of course it will depend on where in Panama you would like to live, just like in the USA, where the cost of living varies from place to place.
You can get a decent housing in Panama that is more affordable than in USA, Europe and Canada for Panama retirement.

The Panamanian climate particularly the highlands is favorable to senior folks. In the city it can be hot and muggy, but a mountain ridge can give a spring-like climate. Some of the more affordable highland locations for Panama retirement are David and Boquete. You will experience cool nights and days here, unlike the city and the beaches.

Panama Retirement – Good Medical Facilities

Medical care is excellent, and can be compared with what you get in the USA. If you don’t have medical insurance, the medical costs are affordable. Panama recognizes most major medical insurance like the TriCare for Life for military retirees.
Panama Law respects the seniors and retirees by affording them special privileges, discounts on products and services. The elderly in Panama have their own special windows and lines at banks and public services agencies. A real advantage for Panama retirement.

As a “pensionado” immigrant, you can import home furnishings duty free. You can buy a new car duty free also every 2 years, although it may not be advisable if you are planning to sell the duty free car in the future. You will not get a fair price because your car’s value would become less than the taxes that you would have to pay. Minor point for Panama retirement.

The people of Panama are generally good. They are friendly and make good neighbors.

Most of the conveniences that you are used to in the USA, Canada and Europe are available in Panama. If there are some that are not available, then perhaps you can live without it in Panama retirement.

If you are American, you will be very much welcome to the government of Panama, because they want you to spend your retirement check in their country. Also, the Panamanians are very comfortable with the Americans, because of their long years of stay in Panama while they were working on the Canal Zone. You can therefore truly enjoy Panama retirement.

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    Panama Retirement – The Best Places To Retire

    Are you due for retirement soon and thought about Panama retirement? Are you one of the many people who dream of moving to a new place in retirement? When you are no longer working and have only yourself and your spouse to care for, you may go to a warmer climate, pursue your hobbies, or move closer to your relatives. Selecting a nice place to retire needs careful research and planning, depending on what you want for a place – a big scenery and big city amenities. The budget criteria should also be considered, including cost of living and home purchase or rental prices.

    Panama Retirement – Top Destination

    Panama is a top retirement destination. Choosing where in Panama you should spend your Panama retirement life rests upon your preferences. Would you want a city life, the beaches or the mountains. Listed below are the places to go for each of the above preferences for Panama retirement.

    Panama City is the place where you can stay for Panama retirement. You can easily obtain a residency visa here, and, depending on your circumstances, you can even live here tax-free. Panama City is a world renown banking center, with dozens of international banks, so you can have easy access to your money. The infrastructure here in the city is good, owing to the American military operating the Canal and the continued revenue from the Canal. Panama City is a travel hub, have many good restaurants, shopping malls and a lot of opportunities on how to spend your Panama retirement time.

    Panama Retirement – Peace and Quiet

    However, if you are a retiree, it is but natural that you would want peace and quiet. And in Panama, you cannot avoid the noise of constructions and the car alarms. Panama’s streets are clogged with traffic at any hour of the day and night. The cost of living here is a little bit higher than in other places in Panama. It is estimated that you would need $2,000 to live comfortably in expatriate-standard lifestyle. Besides, the climate in the city is hot and humid all year through, which may not be favorable to a retiree for Panama retirement.

    Las Tablas is a small colonial town east of the Azuero Peninsula, where you can find the best beaches in Panama. This is the best beach Panama retirement option if you prefer a charming town close to the beach. Las Tablas is host to a growing expariate communities. If you’re only a couple, you can enjoy a comfortable life in only a small budget. The cost of living here is lower compared to the city. You can rent a one bedroom house near the beach for as low as $300/month.

    Panama Retirement – Climate no barrier

    Boquete is the place to go if you cannot tolerate the heat and humidity in Panama City and Boquete, there are the Panama’s highlands where the climate is much cooler and less humid for Panama retirement. Boquete is the most popular and most developed mountainous place in Panama. It is now more an affordable place where you can retire that it was some years ago. The costs of housing have dropped since a couple of years ago, so you can rent a very spacious and comfortable house for $600 per month.

    So those three places in Panama are the most recommended best places where you can spend your Panama retirement life. It’s up to you to choose which lifestyle will suit you best – the city, the beaches or the mountains for Panama retirement.

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