What You Need to Know!
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An individual’s residence and domicile are often narrowly perceived as the same; therefore, potentially missing out on tremendous tax benefits. A significant aspect of the estate administration process is your domicile at the time of your demise, not where you were residing. While you can have multiple residences in various states, you can only have one domicile. Essentially, a domicile is a combination of two factors, the first is residency, and the second, an intent to remain for the foreseeable future. Clients often look to establish residency in a jurisdiction with an attractive legislation for estate planning purposes. Suffice it to say, Florida is considered a tax sanctuary fueled by its superior asset protection climate. Currently, there are seventeen states that will impose either an estate or inheritance tax for estates that exceed a certain threshold. Individuals located in these states with a considerable taxable estate could be required to pay...
When people pass away, it serves as a reminder of life's fragility. You never know what the future holds and it only takes one event to change everything in a blink of an eye. Tony Hsieh was a visionary who co-founded Zappos, a shoe company, which focused heavily on customer service and famously offered customers free shipping and a complete refund on all shoes within a full year after purchase, no questions asked. At only 46 years old, Tony Hsieh passed away from smoke inhalation complications from a fire at his vacation home in Connecticut. At the time of his death, Tony was worth an estimated $840 million, but despite his immense wealth he did not even have a simple will prepared. Given Hsieh's altruistic nature, it is puzzling why basic estate planning documents had not been prepared. Unfortunately, he is not the first among celebrities and high-profile individuals to...