Many of my clients who are nearing retirement are thinking about moving to another state—to be closer to their children, to stretch their retirement savings, or just for a change of pace.
When they update their Trusts, I hear two common questions:
1. Will I need to update my documents if I move?
Yes. Every state has different estate planning laws, and some have state-level estate taxes. If you move, you’ll need to update your Trust, Power of Attorney, and Advance Health Care Directive to ensure they’re valid and effective in your new state.
2. What about Medicaid and Long-Term Care?
This is a big one. California has very generous Medicaid (Medi-Cal) rules compared to other states. If you move, the new state will likely have:
-Strict asset limits
-Transfer penalties
-A 5-year lookback period on asset transfers
So if Long-Term Care is part of your future, it’s important to start planning now while California’s rules still apply. That way, you can protect more assets before you move.
Whether you’re staying put or preparing to relocate, retirement is the time to revisit your estate plan. If a move is on the horizon, let’s put a strategy in place that works wherever life takes you.
Give me a call—and let’s make sure you’re protected, wherever you go.
