“Snowbirds” are people who spend the warmer months of the year in cooler northern climates, and then migrate south to escape the cold of winter. Many of these individuals are part-time Florida residents. But like anyone else who lives in our state, part-time or otherwise, they need sound estate planning counsel. The law firm they retain should be familiar with the complexities posed by their living arrangements. You can count on the experienced guidance of Verras Law.
The Challenges of Multi-State Estate Planning
The laws that govern wills, trusts, powers of attorney, and other estate planning documents and procedures vary from one state to another. It is important to account for these differences when devising a comprehensive estate plan for snowbirds and part-time Florida residents. These are a few specific issues that arise with multi-state estate planning:
- Probate: When creating an estate plan, probate considerations must be factored in. This is no less true for individuals who do not reside full-time in Florida. Probate is the process of validating or “proving” a last will and testament so the testator’s (person who executed the will) wishes can be carried out.
- Trusts: Trusts are an excellent estate planning tool that not only manages and protects assets and minimizes taxes, but can also be used to avoid the expensive and time-consuming probate procedure. Certain types of trusts are treated more favorably in different states, which affects the treatment of assets and estate taxes.
- Powers of attorney and healthcare directives: Used for critical decision-making in the event of an individual’s incapacity, these powerful estate planning documents must be drafted in a manner that every relevant state recognizes their authority. By having an attorney who properly drafts these instruments, you can avoid confusion and disputes.
- Real property: Every state has its own real property laws, and they affect what happens to your property after death. For instance, the laws may impact estate taxes and probate. Taking these differences into consideration is an important step in estate planning.
- Taxes: Which state will be the individual’s primary residence for tax purposes? This question affects income taxes, which in turn could affect later estate tax obligations. Taxes must always be considered when devising an estate plan, so an attorney should be mindful of state variations.
How Our Estate Planning Practice Can Help
If you are a snowbird or part-time Florida resident, we are prepared to assist you in developing an estate planning strategy that accounts for legal variations across different states. Our approach involves:
- Drafting the necessary Florida-specific instruments: First and foremost, we will begin your plan by explaining various instruments you need to execute under Florida estate laws. Among these are the last will and testament (will), trusts, living will, advance directive, and power of attorney. We will review your specific situation and help you determine which documents are best for you.
- Explaining state variations: Next, we can broadly discuss the fact that state laws vary with respect to estate planning documents and probate. By helping you understand these differences and how they may affect your estate, you can plan accordingly.
- Drafting documents pursuant to other state laws: Our estate planning attorney is licensed not only in Florida but also Louisiana and Texas. This means our firm is prepared to assist with executing documents that abide by these states’ laws. Also, to the extent you need estate planning instruments executed under the laws of other states, we can partner with attorneys who are licensed in them.
Handling the Critical Details of Your Unique Estate Plan
At Verras Law, we understand how important it is for you to craft an estate plan that takes into consideration your personal objectives as well as your living situation. If you are a snowbird or part-time resident and you are ready to get started on your plan, or update an existing one, schedule your confidential consultation with our office today.