Have questions about this video or anything else related to Panama? All of your questions about moving to Panama, retiring in Panama, living in Panama, or simply visiting Panama as a tourist on vacation can be asked on our I Go Panama Expats and Tourism facebook group! See you there! facebook.com/groups/igopanama We have over 100 fun & educational videos on Panama! View them all here: tinyurl.com/2wsjwknb
Thank you for saying it.... It is not cheap! The large tour companies tell you to, come to Boquete and live on just your SS. That is not happening, for example medicine is STUPID high....
we have to report corporations, but we do not have to report real estate owned outside the USA. So, it might be a strategy to keep the home in our personal names and out of the reach/knowledge of the USA. Panama and other countries are not litigious, like the USA, so the threat of losing a home/needing to protect assets is not as great as in the USA.
On the subject of having additional dependents, it would be helpful to some of us if you did a follow-up discussion about adult children who are disabled and cannot be "kicked out of the nest." I think there are many of us who are looking ahead to retirement and how that will look with our disabled adult children in tow. My husband and I are researching our options and hoping that Panama will help us stretch our investments so we can afford to care for our disabled son while also maintaining some quality of life for all of us.
I am sorry to hear about your disabled child. My cousin has Cerebral Palsy and thankfully has the support of the extended family to help. Panama is known to have qualify health care that is very affordable. It could be a very good option for your entire family to relocate there.
Will-wise, I bet that you, Mary, have heard about foundations from Kraemer & Kraemer. A lot of people use these to protect assets. As a lesbian couple potentially moving to a country with NO partnership recognition, we are going to rely on foundations to protect our assets. I don't know how these work in terms of inheritance, but it's a good tool to know about. Keep in mind that Panama is a different country with different laws, and foundations there are nothing like foundations in the US.
I haven't worked with any attorneys in Panama, but I do know Kraemer & Kraemer is a popular firm. Mary recently recommend two other attorneys in an I Go Panama video, so you may want to consider them. Sorry, I am not sure what their names are. Foundations are suppose to be a good option to avoid inheritance/probate issues, but I don't know the ins and outs of how they work in Panama. But if you or your partner are US Citizens or Green Card holders, setting up a Foundation means you will have to file additional forms with your US tax returns. Specifically forms 3520 and 3520A (reports on foreign trusts) which need to be filed my mid-March (not mid April or mid June), and have to be mailed to the IRS's Ogden, UT office. These are forms I prepare for others with Panamanian foundations as an expat CPA, and I am familiar with these. Penalties for not filing start at $10,000 per form (or $20,000 in total for both). There is a lot of misinformation on the internet, so please refer to Internal Revenue Code section 6677 and the instructions for these forms.
Kraemer & Kraemer were recommended to us because they argued in favor of marriage equality with the Panamanian Supreme Court, so they're VERY well versed in the type of issues we would face given the lack of partnership recognition in the country.
gracias, Mary! all this reality makes me want to cry😪but you always steer us in the right direction and to good people. i'll look for his contact info.😔👋
Have questions about this video or anything else related to Panama? All of your questions about moving to Panama, retiring in Panama, living in Panama, or simply visiting Panama as a tourist on vacation can be asked on our I Go Panama Expats and Tourism facebook group! See you there! facebook.com/groups/igopanama
We have over 100 fun & educational videos on Panama! View them all here: tinyurl.com/2wsjwknb
Thank you for saying it.... It is not cheap! The large tour companies tell you to, come to Boquete and live on just your SS. That is not happening, for example medicine is STUPID high....
Please elaborate on “stupid high.”
we have to report corporations, but we do not have to report real estate owned outside the USA. So, it might be a strategy to keep the home in our personal names and out of the reach/knowledge of the USA. Panama and other countries are not litigious, like the USA, so the threat of losing a home/needing to protect assets is not as great as in the USA.
Hello great video. Can you give the link or contact info for the CPA? I dont see it.
Thanks
On the subject of having additional dependents, it would be helpful to some of us if you did a follow-up discussion about adult children who are disabled and cannot be "kicked out of the nest." I think there are many of us who are looking ahead to retirement and how that will look with our disabled adult children in tow. My husband and I are researching our options and hoping that Panama will help us stretch our investments so we can afford to care for our disabled son while also maintaining some quality of life for all of us.
I am sorry to hear about your disabled child. My cousin has Cerebral Palsy and thankfully has the support of the extended family to help. Panama is known to have qualify health care that is very affordable. It could be a very good option for your entire family to relocate there.
Will-wise, I bet that you, Mary, have heard about foundations from Kraemer & Kraemer. A lot of people use these to protect assets. As a lesbian couple potentially moving to a country with NO partnership recognition, we are going to rely on foundations to protect our assets. I don't know how these work in terms of inheritance, but it's a good tool to know about. Keep in mind that Panama is a different country with different laws, and foundations there are nothing like foundations in the US.
I haven't worked with any attorneys in Panama, but I do know Kraemer & Kraemer is a popular firm. Mary recently recommend two other attorneys in an I Go Panama video, so you may want to consider them. Sorry, I am not sure what their names are. Foundations are suppose to be a good option to avoid inheritance/probate issues, but I don't know the ins and outs of how they work in Panama. But if you or your partner are US Citizens or Green Card holders, setting up a Foundation means you will have to file additional forms with your US tax returns. Specifically forms 3520 and 3520A (reports on foreign trusts) which need to be filed my mid-March (not mid April or mid June), and have to be mailed to the IRS's Ogden, UT office. These are forms I prepare for others with Panamanian foundations as an expat CPA, and I am familiar with these. Penalties for not filing start at $10,000 per form (or $20,000 in total for both). There is a lot of misinformation on the internet, so please refer to Internal Revenue Code section 6677 and the instructions for these forms.
We're actually using Maria Guerra now for our wills. I'm going to be doing a video on the process soon!
Kraemer & Kraemer were recommended to us because they argued in favor of marriage equality with the Panamanian Supreme Court, so they're VERY well versed in the type of issues we would face given the lack of partnership recognition in the country.
gracias, Mary! all this reality makes me want to cry😪but you always steer us in the right direction and to good people. i'll look for his contact info.😔👋
It's in the written video description!
btw... have you got anyone for legit Panama health insurance?