Tuesday, July 24, 2018
Critical Estate Planning for Frequent Flyer Miles
A client recently asked me, “What happens to my frequent flyer miles when I die?” With so many credit card companies giving up to 100,000 bonus miles just for opening the credit card account and charging on the card (yes, that’s true!), and then giving away additional miles for every dollar charged, people are accumulating tens of thousands of dollars of frequent flyer miles. As the Points Guy says, “We certainly don’t want to think about that day when we’ll go the way of the Concorde and L-1011 TriStar, but it’s even harder to think about a considerable stash of loyalty assets going to waste because you didn’t prepare.”
Here’s what you need to do to prepare:
1. If you’re not accumulating mileage points, you’re missing a huge opportunity. For a great guide on the best credit cards, check out https://thepointsguy.com/
2. Be sure to have a way to track your mileage points, making sure that the beneficiaries of your estate have access to all log in information so that upon your death, they can log into your account and access your miles. I started using AwardWallet and my husband has access to the AwardWallet account so that upon my death, he can access all the miles.
3. Every airline has different policies about what happens to miles upon death. Some airlines, like Delta, do not transfer mileage programs upon a death and others have a procedure for doing so. Click https://thepointsguy.com/
guide/points-and-miles-after- you-die/ to understand the policies of each airlines and the best steps to make sure your loved ones benefit from the loyalty programs after your die.
The bottom line: With proper planning, your loved ones can use your frequent flyer miles after you die. Be sure to do your planning so that you Create Your Best Legacy!
The new Tax Act changes estate planning drastically so be sure to have your estate plan updated. For the next 2 weeks, we are offering complimentary estate planning consultations. Click here to set up a consultation appointment.
PS We will soon be releasing our 2018 edition of Create Your Best Legacy.
Michelle C. Lerman
Certified Specialist Estate Planning, Trust & Probate Law*
Click here to Create Your Best Legacy.
Tel: (310) 295-1951 / (415) 454-0455
Cell: (415) 308-3640