The right way to prepare for holiday travel
Are you planning your next great travel adventure? Don’t forget to reach out to your planning team to make sure your loved ones are protected during your travels and afterward. Scheduling appointments with the following individuals will make you feel confident that nothing was left to chance this season.
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Your financial advisor: To ensure your finances are in order and accessible. When traveling, you must make sure that you have access to your money and can reach your financial advisor if necessary. If an emergency arises, access to your funds is crucial. Additionally, while traveling, you may want to make a large purchase. But what happens if the item you want to buy exceeds the amount you brought with you? You may need a financial advisor’s assistance to gain access to your money to buy your once-in-a-lifetime memento.
Your insurance agent: to make sure you have obtained and reviewed any necessary insurance policies. First, if you have existing life insurance policies, it is important that you periodically review your policies and beneficiary designations. Preparing for a vacation is a great time to conduct this review. As you are reviewing your policy, consider the following questions:
● Who is listed as the primary and contingent beneficiaries?
● Do you want to make any changes?
● Does your beneficiary designation match your existing estate plan (especially if you have a trust and intend the trust to be the primary beneficiary of the life insurance policy and to govern how the policy proceeds are handled)?
It is also important to know if participation in high-risk activities (skydiving, bungee jumping, rock climbing, etc.) will void your coverage under the life insurance policy. If this is a concern, you may want to reconsider your participation in such activities.
Second, travel insurance is an important level of protection that you may want to investigate. Because international travel can be more complicated than domestic travel and have more variables out of your control, travel insurance can help prevent additional costs that you could incur in the event of an unforeseen circumstance.
Lastly, you should check with your health insurance carrier to see if your health insurance plan covers your care in a foreign country. If not, it may be advisable, depending on the duration of your trip, to buy a temporary form of health insurance that will be valid in the country or countries you will be visiting.
A CPA or accountant: to remind you of any potential tax liability. When traveling abroad, you will be subject to the taxes of that country. If you are considering making any large purchases, it is especially important that you understand the potential impact. For example, countries that are part of the European Union may add a Value Added Tax on purchased items. However, you may be able to get a refund of this tax from the country you are visiting by completing the necessary paperwork and providing receipts.
In addition, when returning to the United States, it is important to understand whether you will have to pay duties on your purchased items and how much that might cost. These rates could vary depending on the purchase price, where you made the purchase, and the type of item that was purchased.
Your estate planning attorney: to make sure your will, trust, and other documents are current and properly reflect your wishes. No one plans for the worst to happen on vacation, but estate planning is handy in more cases than death and incapacitation. In case of an unseen delay or last minute change of plans, a power of attorney can help keep everything going along at home. By working with an experienced estate planning attorney to create a financial power of attorney, you will have a trusted decision maker that can manage your financial affairs without court involvement. The world does not stop just because you are on vacation. Should you need something while you are away (e.g., a check deposited, legal documents signed, etc.), your chosen person can step in for you.
Have minor children staying home? You can also ensure that you give the maximum authority to the person you have chosen to care for your minor children while you are away by preparing the appropriate state-specific documentation. This document will temporarily allow your chosen caregiver to make medical and other important decisions for your child. Should your child need to go to the hospital or have a field trip permission form signed, the chosen caretaker will be able to step in and keep your child safe, happy, and healthy.
Traveling can be an exciting adventure. By assembling a planning team, you can help make sure that you and your loved ones are fully protected while you are having the time of your life. We are here to assist you and any members of your planning team to ensure that your next great adventure is a success.
