More and more retires are making the decision to keep their primary residence in retirement but also own a second residence, whether that be a lake house, ski lodge, or a condo down south. Maintaining two houses in retirement requires a lot of additional planning because you need to be able to answer the following questions:
• Do you have enough retirement savings to maintain two houses in retirement?
• Should you purchase the house before you officially retire or after?
• Are you planning on paying for the house in cash or taking a mortgage?
• If you are taking mortgage, where will the down payment come from?
• Will you have the option to claim domicile in another state for tax purposes?
• Should you setup a trust to own you real estate in retirement?
Video Link to “Will Moving From NY to FL in Retirement Save Taxes?”: https://www.youtube.com/watch?v=dYNCWknDUao
Video Link to “How Do I Change My State Residency For Tax Purposes?”
Video Link to “Should You Put Your House In A Trust?”