Almost everyone loves an adventure. Some people enjoy the planning aspects of a vacation as much as actually going on the trip. Even the best-laid plans can go awry. That is why it is a great idea to assemble a planning team before going on your next adventure.

If you are traveling to another country or planning for a large group of people, a planning team can help ensure you and your group are protected during the trip and after you return home.

Financial Advisor

Your financial advisor can help you with money transfers and access to ensure you can access funds in case of an emergency.

What if you wreck your rental vehicle and need to pay for repairs, or you want to make a large unplanned purchase? In either case, reaching your financial advisor and accessing your accounts from another country may be necessary.

It’s not safe to carry large amounts of cash with you. Sometimes credit cards put a hold on charges if they think they are fraudulent due to an irregular spending pattern.

Plan for financial emergencies with your financial advisor, so your vacation goes off without a hitch.

Insurance Agent

Whether you are going on a once-in-lifetime vacation or staying home for a few weeks of downtime, it is a great idea to periodically review your life insurance policies and beneficiary designations.

Some vacations include plans to participate in activities that are considered high-risk, such as:

1. Rock climbing
2. Sky diving
3. Bungee jumping

Engaging in these activities may void your life insurance coverage. If you are concerned about this possibility, you may need to rethink your vacation plans.

Some questions to review and answer:

1. Who is listed as your primary and secondary beneficiaries on your policies?
2. Do you need to make any modifications or updates? Consider births, marriages, and deaths that have occurred recently.
3. Review your estate plan and ensure that the beneficiary designations match those listed in your trust documents, especially if the trust is to be the primary beneficiary of your life insurance policy. Do you trust documents stipulate how the policy proceeds will be handled?

In addition to life insurance questions, consider whether you need travel insurance. This type of insurance can protect you from unforeseen costs.

International travel is frequently more complicated and prone to unexpected changes in your plans, such as flight cancelations and natural disasters.

Next, consider whether your health insurance plan will cover you if you become ill or have an accident in a foreign country. If it will not, consider purchasing a temporary policy that will provide international coverage.

Tax Professional

If you are considering making large purchases when traveling abroad, talk with a tax professional before leaving. You will be subject to the taxes of the country or countries where you make purchases.

For example, if you travel to any European Union country, you may need to pay their Value Added Tax.

Your tax advisor can help you complete any necessary paperwork to get a potential refund on this tax from that country.

When returning to the United States, you may need to pay duties on everything you purchased overseas. Your tax advisor can help you plan for this expense.

These rates may vary based on the purchase price of your items, where you purchased them, and what you purchased.

Estate Planning Attorney

Depending on how long you will be traveling and the complexity of your affairs, you may also want to consult your estate attorney before leaving on your trip.

If you need a trusted decision maker in the United States to handle your financial affairs while you are gone, your estate attorney can help you create a financial power of attorney.

Proper planning can help ensure that your financial affairs are taken care of without court involvement. Your financial power of attorney can stipulate what powers you give your decision-maker.

For example, they may deposit a check for you or sign legal documents on your behalf.

If your minor children are not making the trip, your estate attorney can help ensure that you give the maximum authority possible to their guardians while you are away by helping you prepare state-specific documentation.

Your chosen caregiver will then have the authority to make medical and other important decisions for your child. They will be able to take your child to a doctor or hospital if needed to ensure they are well cared for.

Traveling on your next adventure is exciting. Planning ahead and talking with these key members of your trip-planning team can help ensure you are protected so you can relax and enjoy your trip.

Contact us, and we can help you or other members of your planning team ensure your vacation is a complete success, schedule a call with us at 855.631.3457 to learn more about how to protect those most important to you.