For many retirees, dividing time between two beloved locations is the dream. Known as “snowbirds,” these individuals enjoy northern US states in the summer before flocking to warmer climes come winter.
While this lifestyle has many advantages, it can significantly impact the distribution of your assets when you pass away. For instance, your home state laws governing your estate may differ substantially from those in New York and other states where you spend your time. This is where a New York estate planning lawyer can provide invaluable assistance.
Choosing Your Legal Residence State
When it comes to estate planning, identifying your true legal residence is vital. This decision should be based on factors like the amount of time spent in each state and other significant considerations.
If you have the luxury to choose, an estate planning lawyer can guide you in selecting the state whose laws will be most beneficial for you and your estate. Factors influencing this decision include property laws, marital status, and tax rates.
Avoiding Multiple Probates
Having properties in multiple states could subject your family to numerous probates upon your passing. Probate, the public court process to administer your estate after death, is costly and time-consuming. Your heirs may have to hire multiple attorneys and spend considerable time away from home to settle your affairs.
Fortunately, by creating trusts and other legal protections, you can save your heirs from the probate process, making property management significantly easier. An estate planning lawyer can help you craft a robust estate plan to avoid such complications.
Establishing Powers of Attorney in Both States
When you’re residing in two states, consider creating healthcare proxies and a financial powers of attorney in both states. This can help avoid problems and delays in emergencies.
For those enjoying a dual-state lifestyle, it’s crucial to ensure your affairs are in order. This forethought can turn your choice into a blessing for you and your family, rather than a potential hassle should the unthinkable occur.
Our firm can help ensure that the complexities of state laws won’t detract from your dream lifestyle while helping you plan ahead to savor the journey. Contact us today to establish the right protections to enjoy your properties without stress or worry.
This article is a service of Miller & Miller Law Group. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.