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Annuity Watch

Where to Retire? State Asset Laws May Come Into Play

What’s important when planning on where to retire? Good weather, housing, amenities, state laws on asset protection. Eh? There are many things to consider when choosing where you will retire, but state laws that determine how your assets will be protected may not be one of them. But maybe it should it be.

KCI Investing reports that each state holds its own individual laws regarding asset protection, the exception being employer pension plans within bankruptcy actions; other actions depend on the state law. So what to do?

One strategy mentioned is insurance products. Annuities and value of life insurance policies can be off the hook when it comes to creditors. Transferring some of your investments “from unprotected taxable accounts to appropriate insurance contracts” can be the way to go when concerns are keeping you up at night.

Bottom line? Don’t wait. Plan ahead and meet with a protection professional to help establish the appropriate action. As an investor, you will want to conduct your own research on your individual state’s laws before planning an approach. Deciding where to purchase real estate and retire while keeping your assets close should not be something taken lightly.