Estate Planning Concerns for Snowbirds
For those lucky enough to go south for the winter, estate planning issues can become more complex. Estate Planning is crucial for snowbirds to ensure the seamless transfer of assets, protect their wealth, and address the complexities of owning property in multiple states. If the snowbird fails to plan ahead, your family will have to open an expensive and slow probate in each state where you own property. By transferring your property into a Revocable Living Trust, multi-state probates can be avoided.
Snowbirds may encounter health care issues while residing in different locations. If you experienced a medical emergency in your snowbird state, would your local friends there have contact information to reach your family? Do you have a copy of your Healthcare Power of Attorney with you in your wintering state? We encourage our clients to keep a list of full names and phone numbers of family and friends at their snowbird property for their local friends to contact, if ever necessary. It also is a good idea to keep a copy of your Healthcare Power of Attorney at your snowbird residence. Some clients have gone so far as to list a longtime friend in their wintering state on their Healthcare Power of Attorney.
As you travel back and forth, it is important to have access to your documents wherever you are. Without these documents, decision-making authority for medical care may become delayed and problematic. Information is key in emergency situations! Our firm partners with Docubank, an online portal for your personalized medical information. This service give medical professionals immediate access to your Healthcare Directives and Emergency Medical Information, anywhere, anytime, 24/7/365, as well as a medication list, medical history, emergency contact phone numbers, and legal documents at a moment’s notice. The handy emergency card Docubank provides emergency personnel an instant emergency contact, a list of allergies, and medical conditions.
Snowbirds must take proactive steps to create a comprehensive estate plan that accounts for their unique circumstances. This includes careful consideration of property ownership, estate taxes, healthcare directives, and legal documents. By working with knowledgeable professionals and staying vigilant in updating their plans, snowbirds can enjoy their seasonal migration worry-free, with the peace of mind that their estate affairs are in order.
Contact Lubnau Law at (307) 682-1313 with any questions or to schedule a consultation to discuss how to further protect your family and assets.