Do you fly south every winter? You’re not alone. The bitter cold of Ohio winters lately have caused more and more people to find a warm home away from home. According to Cleveland Magazine, there are over 50,000 Ohioans spending at least a month in the winter time in the Sunshine State! The wonderful temperatures, beaches, and endless activities make Florida a great destination for snowbirds of any age.
If you have property in both states though, proceed with caution! Failure to consider both your Ohio and Florida properties when drafting your estate plan could result in probate proceedings in both states. That involves time and money your family does not need to spend. By placing your property in a properly-drafted “snowbird” trust, you can ensure your property transfers seamlessly to your beneficiaries.
Don’t trust a one-size-fits-none document! Improper drafting can result in underfunded or non-funded trusts, improperly transferred or titled assets, or the loss of homestead status on your primary property. An experienced attorney can help you navigate the complexity and make a plan fit to your specific needs.
To draft a compliant, sound, properly funded and protected trust, you should use an attorney who concentrates on cases like yours — Ohio-Florida snowbirds. Attorney Elgin has been proudly dual-admitted to both the Ohio and Florida bars since 2017. He’s assisted many “snowbirds” draft estate plans that protect their assets and ensure a smooth transfer of assets.
When considering estate planning attorneys for Ohio-Florida Snowbirds, ask these questions:
- Is the attorney admitted in both Ohio and Florida?
- Does the attorney concentrate or specialize in estate planning for snowbirds?
- Will the plan allow my estate to avoid probate?
- Is the attorney taking steps to ensure all assets, in both states, are in the trust?