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    Nov 6 12

    Choosing Your State of (Estate Planning) Residence Is Important For Newport Beach Families

    Newport Beach Law Firm

    Six
    months south and six months north could be a great lifestyle in retirement but
    one place will need to be your legal domicile, your legal residence. And it’s
    the laws of that state which will dictate your estate planning. You will need
    to decide which state would be advantageous to die in.

    Map - Los Angeles County AreaYou might live across more than
    a few borders in your life. After all, it’s often as easy as passing the “Now
    Entering …” sign over the highway or remembering the second zip code.
    Unfortunately, living in several states may not only subject you to the hassles
    of multiple state income tax filing, but it can be even trickier when it comes
    to your estate planning.

    This issue was explored by Boston CBS in an article titled “How To Protect Your Estate While Living In
    Two States
    .”

    Living in two or more states
    might result in planning your estate two or more times. It seems everything has
    to pass muster to each state (or country, if you’re that much more worldly).
    This is especially true for rather fundamental legal instruments like your
    general power of attorney or medical directive. The requirements for these
    legal instruments oftentimes vary from one jurisdiction to another.

    A good rule of thumb is to have
    your legal instruments prepared in your state of legal residency (i.e., where
    you are registered to vote, have your primary mailing address, register your
    automobiles, etc.) and then have them reviewed by an attorney in any other
    state where you also spent part of the year. It may be cheap legal “insurance”
    to have separate documents for use in each respective state, just to be on the
    safe side.

    It is better to know the legal
    enforceability of your legal instruments before a crisis, and they need to be
    made available to their appropriate jurisdictions, and perhaps tailored to the local
    law. Then again, when it comes to assets you might not want to straddle a fence
    so you might have to choose a state to live and own your assets in; the trouble
    and the necessary planning come into play when you can’t or don’t want to move
    away entirely from what might be a family home or a new life in a warmer climate.

    So what boundaries do you live
    across, and what assets are of the utmost importance to save?

    Contact your Newport Beach
    estate planning attorneys at Meier Law Firm to discuss all of your estate
    planning needs
    .

    Reference: CBS Boston
    (October 19, 2012) “How To Protect Your Estate While Living In
    Two States




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    phone: 949.718.0420 e-mail: office@meierfirm.com