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Estate planning for people who live in two states

Some people choose to spend their retirement years living in Nevada during temperate months and elsewhere when it gets hot. When people choose to live part of the year in two different states, it is important that they think about their estate planning.

People who own real estate in two different states when they die may have their assets go through the probate process in both states. Probate can be both expensive and time-consuming. Accordingly, they might want to instead place their real estate into a trust. This can help to pass it more smoothly and expeditiously outside of the probate process to their beneficiaries.

People should also think about the estate tax exemption. While most will be comfortably under the federal estate tax exemption, which in 2016 is $5.45 million for individuals and $10.9 million for married couples, some states have their own separate estate tax, and in many cases the exemption is far lower. Nevada has no such estate tax, however. It is also a good idea for people to make certain that they have durable powers of attorney in place in both states. This can help to make certain that a trusted individual can make important financial decisions for them if they become incapacitated.

With good estate planning as well as with the assistance of an experienced attorney, people who plan to split their residences between two states can feel comfortable that the process of distributing their assets after they die can be handled efficiently. Legal counsel can prepare the types of documents that are the most appropriate for their clients' living, financial and family situations.

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