Reasons You Need Estate Planning If You Own Property In Multiple States
Estate planning attorneys are specialized in providing custom solutions to your particular estate planning problems. With years of experience working with clients on estate planning, the estate planning attorney knows virtually every possible outcome for every estate planning step, and what solution that best solves that particular problem which you may be facing. In as much as estate planning is for everyone who owns property, the importance becomes even more heightened for individuals owning property in multiple states. Imagine not planning for all these property. This would make your surviving family to go through several probate courts in whatever state you own property. This evidently will be traumatic, tedious, lengthy and highly expensive for your family, and each property will be subject to the estate tax laws of the state in which it is located. A qualified and experienced estate lawyer will work with you and find an appropriate estate plan for your specific situation that gives you and your property the best form of protection.
What Are The Problems Associated With Owning Property In Multiple States
1. Ancillary Probate
When you own real property in other states other than where you lived and died, ancillary probates must be conducted in those other states, just as one would be conducted in your state where you are domiciled. One probate is time consuming and expensive enough, thus, having several probates will definitely waste an enormous part of your estate’s worth through payment of probate court fees and other expenses.
When you die without a will or trust and you have property in multiple states, then your family will be forced through immense confusion. While being dragged along probate courts in the states where you own property, they would need to hire probate lawyers in those states and if funds are lacking to hire, your family may have to depend on whatever conclusion the court arrives at, and this may take years.
2. State estate tax laws
This would cause a whole lot of problem and confusion for your surviving heirs if you do not put down a proper estate plan in place. Every property you own in any state may be subject to the estate tax laws of that state, and as these laws vary from state to state, it therefore means that your family would be torn between conflicting state laws when dealing with the property which you own in other states. You need to know what the estate tax laws are for these states so as to know what kind of tax planning to do to ensure that your heirs get exactly what you want them to get as hitch-free as possible. Estate taxes of multiple states will certainly dig deep into your estate until there’s very little left for your beneficiaries. To avoid this, the estate planning lawyer will help you identify the rules applicable in every jurisdiction or state within the US, and help you avoid the complications of owning property in multiple states.
How Will The Estate Planning Lawyer Help Me?
When you contact the estate planning lawyer and explain your multiple-state property ownership situation, there are several solutions which he can offer which includes:
- Creating a trust
This is one useful estate planning tool which the estate attorney can use to help you avoid multiple probate and estate taxes. With a revocable living trust, you can transfer into a trust all the property which you own in other states, and these properties will pass to your named beneficiary directly without being probated.
- Converting real property to personal property through LLC
Probate in multiple states can be avoided by using a Limited Liability Company (LLC). When you have real property in some other state, the estate planning lawyer will advise you on how to place that real property into an LLC and by so doing, the real property is thus converted into a personal property that becomes a part of the totality of your estate. In that case, only one probate will be done for your estate.
Getting an Estate Planning Attorney Near Me 10001
The New York estate planning lawyer 10001 will offer you comprehensive assistance in making plans for the transfer of property to beneficiaries easily and outside probate, making estate tax considerations and avoiding estate taxes altogether, and helping your beneficiaries avoid payment of inheritance tax no regardless of the number of states in which you own property. To find out more ways which the estate planning attorney 10001 can be of help, put a call through today.