For those who spend significant amounts of their time in more than one state or more than one country, the answer to the question “Where do you call home?” has significant consequences. Janet Brewer states that it is important for people and families who have multiple residences to take the time to establish their domicile as this determination can have an important impact on their taxes. She warns that this is not a black-and-white issue and differs on a case-by-case basis dependant on a variety of factors. As such, Brewer recommends such individuals and families to be extra careful in planning their estate and to make sure all their documents clearly state their domicile.
See International Estate Planning and the Question of Domicile, Janet Brewer, JDSupra.
Posted by Elizabeth Cheung, Associate Editor, Wealth Strategies Journal.
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