The Property Sisters: A Holiday Treat and Some Wisdom for the Snowbirds

As winter arrives, many of you will travel south to escape the cold. Below are some pointers to consider before you lock the door behind you.

1) Your destination state

Research COVID-19 conditions and restrictions in the state you travel to.

2) Which state is your home?

Your state of “domicile” impacts your estate planning and taxes. You can be a resident of more than one state; but can only be domiciled in one state. Your domicile is typically where you permanently live and intend to return to.

If you spend time in two (or more) states, confirm with your tax advisor that you’re filing appropriate tax returns, with a plan to maximize potential differences in tax laws. If you own property in another state, and have not put it into a Trust , your estate planning attorney can help you. With a Trust, you can avoid Probate in not just one state, but two!

3) Review your estate plan

Before you depart, review your estate planning documents. Life changes often happen without warning. An up-to-date estate plan helps ensure that your wishes are carried out during your lifetime and upon your death.

4) Might this be the year you decide to move south?

You may wish to permanently move, or to simply be a “snowbird” during the cold months. While you’re gone and with the market so hot, we recommend a fresh evaluation every three months. Your broker can send you a digital CMA (Comparative Market Analysis) and a Hot Market Evaluation, with automatic property alerts. This is the newest way to stay up to date on current market trends for your home and for other properties that have closed in your area. You can still keep an eye on the market, even if you’re not there.

5) Before you go, stop by for a delicious treat

Continuing through the month of December, stop by our beautiful expanded office in Palos Heights for a holiday treat, compliments of The Palos Park Property Sisters.

Kerlin Walsh Law is located at 11757 Southwest Highway, across from Fuller’s Car Wash, at the light.