In the midst of a crazy move, no one will blame you if you forget about the possible impact on your estate plan. Once you’ve settled and begun the long process of opening boxes and hunting for items that you are sure you have packed but have seemingly disappeared into a black hole, you’ll want to add “update estate planning” to your to do list.
If you’re relocating to another state, you definitely want to consider ensuring that your will is valid in a new state. If your new state has different estate tax laws, your estate plan from your old home may not be properly maximized. Finally, you’ll want to look into the community property laws of your new state, too.
If you’re relocating to another country, it becomes even trickier to determine the laws that you need to comply with. As you can see from just a few examples, moving can generate a lot of questions about your existing estate plan and it’s very likely that you’ll need to update documents. Do this under the guidance of an experienced estate planning attorney who can review your situation to maximize asset protection and minimize taxes. Contact our planning specialists today at info@lawesq.net.
While considering NJ Estate Tax liability for a NJ resident is it enough that one can prove his/her ‘INTENT’ to be a resident of another state, i.e. Florida, by having an address, driver’s license, mailing address etc. in that state and avoid being subject to NJ Estate Tax liability?
I just learned that from a New Jersey Estate Plan Attorney in a seminar.