With so many people fleeing their northern home states and heading south for a sunnier lifestyle, it’s more important than ever to understand the process of changing domicile and residence. On this week’s episode, Partner Michael Clear travels to sunny Florida and chats with Florida-based Partner Veronica Bauer on the necessary “checklist” to declare domicile
Though the words are often used interchangeably in casual conversation, domicile and residence are two distinct legal concepts. Your domicile is the place you intend to make your home. You may be a resident of more than one state, but you are domiciled in only one state. Domicile is determined by a number of factors
The year 2024 brings new changes to estate and gift tax laws in the United States, with updated exemptions, rates and regulations affecting taxpayers at both federal and state levels. As we settle into the new year, it is important to stay informed about the latest updates and requirements to ensure proper planning and compliance.
Ready to kick off the New Year and make good on all those estate planning resolutions? On this first episode of 2024, Partners Erin Nicholls and Michael Clear highlight the estate planning opportunities resulting from changes in estate, gift and generation-skipping tax exemptions and discuss why 2024 is a good year to consider making big
Domicile is a subjective concept — it depends on your intent. However, when disputes arise over a person’s domicile, courts look at a number of objective factors to aid them in determining a person’s domicile. The following list contains some of the factors courts have considered as indicative of an intent to establish domicile in
Though the words are often used interchangeably in casual conversation, domicile and residence are two distinct legal concepts. Your domicile is the place you intend to make your home. You may be a resident of more than one state, but you are domiciled in only one state. Domicile is
A wealthy family may create a family office to achieve a wide range of objectives. These objectives may include realizing the benefits of pooled capital in order to maximize the universe of available investment opportunities at optimal cost; maximizing investment returns; ensuring financial security for future generations; and providing coordinated administrative, managerial and wealth advisory
A personal residence can be an ideal asset to gift to a properly designed trust for your descendants or other beneficiaries.
The basic concept is deceptively simple: Parent establishes an irrevocable trust for the benefit of children, thereby locking in use of Parent’s lifetime gift exemption as a hedge against a reduction in the exemption
A Qualified Personal Residence Trust (“QPRT”) is a special kind of irrevocable trust that can be used to transfer your residence to your children at a significantly reduced gift tax cost.
How This Technique Works. During your lifetime, you transfer your residence to a trust and retain the right to continue to live in
As we wrap up 2023, let us take a look back at some of the important estate planning topics that were discussed throughout the year. Our Partners Erin Nicholls and Michael Clear and their distinguished guests shared their expertise on a wide range of subjects, including Using Trusts for Your Beneficiaries, SLATs, Estate