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Be Aware of Estate Planning Across State Lines

October 16, 2015

Filed under: Estate Planning — Neel Shah @ 9:15 am

It’s not a surprise that people are increasingly mobile these days, and that applies to more than just the online sphere. More clients are coming to us with assets in multiple states, all of which must be addressed properly in an estate plan. shutterstock_173550188

Rules within states can vary from one to another, so it’s critical to have an estate planning attorney who is looking at the bigger picture. Read on to learn more about the key issues to watch for in this situation:

  • Differing inheritance and estate tax rules. These situations can get complex very quickly, so do an evaluation with your attorney to talk about where your assets are at.
  • Learn about transfer taxes. Sometimes, pieces of properties will be transferred between spouses or engaged with alternatve gifting strategies. Your attorney can help you understand any income or gift tax consequences associated with these transfers.
  • Factor in the potential for multiple healthcare directives. You might need proxies that consider the laws of the states where you spend the most time.
  • Plan to avoid ancillary probate. Having property in more than one state can complicate things- talk through your options with your estate planning attorney so that you’re clear about the best options for your situation.

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