It’s true. Where you live, and die, can greatly affect the estate planning you have in place. Some states have estate tax, inheritance tax, both, or neither. But all states have laws governing how the assets of the deceased are determined, taxed (or not) and distributed. Florida does not have an estate tax or an inheritance tax. However, even if you are a Florida resident, you may have assets in other states, including real property, tangible personal property, or even business ownership and/or investments. If so, you need to consider the laws of those other states. You should also consider the laws of the states where the beneficiaries (and Trustees) of your estate (and Trusts) live/ are domiciled. Keep in mind, unless your attorney is licensed to practice law in multiple states, they will only be able to advise you on matters under the laws of the state in which they are licensed.
-Emily A. Helmick, Esq.
Leave a Reply
Your email is safe with us.