How to Plan Your Estate With Assets or Family Members Living in Different States
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Hit the thumbs up button and subscribe because we release new content all the time! One of the things that’s unique about our estate planning practice is our focus on domestic multi-jurisdictional issues. So, what does that even mean? It can mean a lot of different things depending on the client’s circumstances.
Let’s use a hypothetical scenario. Say mom and dad live in Texas, and they have a family business located in Pennsylvania. They have three kids: one in Florida, another in California, and the third in New York. They also own real estate in Wyoming—maybe it’s a second home where they like to cool off during the summer or go skiing in the winter. As you can see, multiple jurisdictions are coming into play here.
Not every state has the same tax laws, trust laws, probate laws, or asset protection statutes. Depending on where you’re passing an inheritance, there could be estate tax, inheritance tax, and various other factors to consider. You also have to think about asset protection laws. Which of these jurisdictions has the strongest asset protection statutes? Maybe some of them don’t even have asset protection statutes at all.
Another thing to look at is whether Dynasty Trust planning is allowed in these jurisdictions. Dynasty Trusts are trusts that can exist indefinitely, which helps keep assets from having to be distributed at some point in the future. This is important because some states have a limit on how long a trust can last. And, of course, you also have to consider all the personal and family dynamics when doing this planning.
Ultimately, you need an attorney to coordinate this entire process—someone who can put a strategy into place and work with attorneys in those local jurisdictions. No single attorney is going to be licensed in all of those states, but you need someone who can bring the entire puzzle together, ensuring that you’re looking at all the key issues and thinking about how to transfer family wealth in a way that makes sense.
We focus on making these plans tax- and asset protection-efficient while also considering family harmony. One of the things we spend a lot of time doing is quarterbacking that entire process and bringing all the players to the table to provide a comprehensive plan for the client.
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Stuart Green Law combines modern South Dakota trust law with integrated estate planning, wealth management, and fiduciary services for families throughout the United States and internationally. The firm’s approach is built around selecting the strongest legal framework available, maintaining continuity of planning judgment, and bringing every part of the family’s wealth strategy into alignment with its long-term objectives.
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