Estate planning isn't a walk in the park. Each state has its own set of laws and regulations when it comes to wills, trusts, and estate administration. So, as an advisor who offers estate planning, things can get pretty complex if your clients own property in multiple states, move around a lot, or have dependents or beneficiaries in different states. And on top of that, states keep changing their rules, making things even trickier.
As a financial advisor, you're always on the lookout for ways to help your clients reach their financial goals. Sometimes that means guiding them through estate planning across state lines. In this blog post, we’ll dive into the challenges of estate planning across different states and how Estate Guru's attorney network can give your clients accurate estate plans tailored to their specific state.
Dealing with estate planning across different states can be quite a challenge, especially when your clients own property in multiple places. It's important to be aware of the legal complexities that come with it. Here are a few things they should consider:
Every state has its own set of rules and regulations for wills, trusts, and estate administration. A will valid in one state might not be valid in another. It's because the laws differ when it comes to estate planning and administration among states.
Certain states have inheritance or estate taxes that can be higher than federal levels, while others don't. If your clients own property in multiple states, it's important for them to grasp how taxation works in each state. This way, they can avoid any blunders and plan accordingly.
Probate is the legal process that comes after someone passes away. It includes validating the will, finding beneficiaries, settling debts, and dividing assets. Probate can be expensive and take a while, plus each state has its own rules. So, it's important for your clients to know how probate works to make sure their estate is handled properly.
Did you know Estate Guru has an attorney network across the nation? This comes in handy when you’re looking to offer your clients accurate and state-specific estate planning advice. We can connect your clients with experienced attorneys who have in-depth knowledge of the laws and regulations in the states where they own property or have beneficiaries or dependents.
Estate Guru’s attorneys can help your clients with the following:
A will or trust that may be appropriate in one state may not be valid or efficient in another state. Our attorneys can help your clients create or revise their wills and trusts as required by state law.
Our partners will help your clients plan their estate to minimize their tax liabilities across multiple states.
A beneficiary of a trust or will living in a different state may have to pay higher taxes, and face different inheritance rules or probate procedures. Our attorneys can review and make recommendations to make sure the beneficiary designation structure matches your client's goals and directions.
Our attorneys can help ensure that the estate has the appropriate asset protection in place to counter any potential legal challenges from creditors or surviving family members.
Estate planning across state lines can be a complicated and confusing process, but Estate Guru's attorney network is here to help you and your clients navigate these complexities. Our attorneys offer state-specific advice to help your clients create or revise their wills and trusts, plan to reduce their tax liabilities, and properly protect their assets. As an advisor, your clients rely on you for guidance on their financial decisions. By partnering with Estate Guru, you can offer your clients more comprehensive and accurate advice on their estate planning needs.