Every year thousands of wealthy people temporarily move from their cold, northern homes to residences in warmer states. Many consider making their warmer homes their permanent residence, especially as they grow older.
Given the choice, many people would much rather live in the warm, sunny climates of states such as Florida and Arizona instead of the colder climates of northern states. However, for most people, that is not an option since they have good jobs they cannot leave in northern states.
Some of them, however, are able to maintain residences in warmer states where they can live during the winter. As they near retirement, many consider switching residences completely and making their southern home their permanent home.
This is reported by the Middletown Transcript in “MAKING CENTS: From snowbird to flamingo.”
What many people do not realize is that if they change their state of residence, then they may also need to change their estate plans.
An estate plan crafted by an expert estate planning attorney is created with your individual state of residence in mind and making sure that state laws are followed. The estate plans are designed to work for the individual states. That means they may need to be changed to reflect the laws of a new state of residence.
If you do move to Florida or Arizona, or any other state, make sure to see a local estate planning attorney so your estate plan can be changed to take advantage of your new state’s laws.
Reference: Middletown Transcript (Jan. 17, 2017) “MAKING CENTS: From snowbird to flamingo.”