Whether by necessity or choice, many moves are from one state to another. If you have, will or may experience an interstate relocation, then you should make proper plans for both the seasonal climate and the legal climate in your new state. While the failure to properly plan for the seasonal climate can unpleasantly impact your health, the failure to properly plan for the legal climate can unpleasantly impact your wealth. You must quickly and effectively establish your domicile in one state, and one state alone. Without one domicile for all legal purposes, you may unwittingly expose your wealth to income, gift and estate taxation in multiple jurisdictions.
State governments are hungry for tax revenues and aggressively pursue every potential taxpayer.
For a checklist to help you establish domicile, see our Pocket Protectors on page four. If so, then probate may be required in each state to transfer title upon your death. Should you want to avoid potential multi-state probate of your real estate, then competent legal counsel should be sought to evaluate your options. For example, some states permit the testamentary transfer of real estate through special non-probate transfer deeds. The majority of states follow a Common Law system.