Saturday, October 20, 2012
If you spend part of the year in one state and part of the year in another, for estate planning purposes, it is important to designate which state is your legal residence. The laws of your legal residence will dictate your estate planning, so choose the state in which it is more advantageous to die. Some states have estate tax laws in addition to the federal estate tax law, so that is one thing you should check on.
If you own property in both states, your heirs may have to go through the probate process in more than one state. One way to make the property transfer easier is to set up a trust that owns the real estate. It is also helpful to execute a Durable Power of Attorney and an Advance Medical Directive in each state that you live in.
See How to Protect Your Estate While Living In Two States, CBS Boston, Oct. 19, 2012.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.