As a snowbird, deciding where you would like to split your time is an important decision. However, the second most important decision you should make is which place is the best place to establish residency.
You may have always dreamed of leaving the cold winters behind to live part of the year where the sun always shines. If you have managed to financially prepare for this lifestyle, nothing should get in the way of living your dream. But there are some essential things you should know and consider.
- Establish residency in the state that offers you the best benefits after death. As many as 32 states currently have no estate tax. States like Florida and Texas have no estate tax or state income tax. No wonder they are popular retirement destinations.
- Consider the probate procedures in each state before you establish residency. Some snowbirds own property in both states, therefore subject to probate proceedings twice. Things can get mighty complicated and costly quickly.
- Consult with an estate planning attorney in each state before you give up your residency status in one state to establish residency in another. An attorney will be able to advise you on state laws and on ways to protect your assets.
Living a snowbird lifestyle is a popular choice for many retirees. Still, careful consideration should be given to the impact it might have on your estate planning and the ability to protect your assets during your life and after your death.
We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help.