FAQ Friday: Living in Multiple Places
On Friday, October 4th, Attorney, Steven Berger talks about living in more than one place during retirement.
In the latest edition of the Severna Park voice, attorney Steven M. Berger published an article on this subject.
This is a common practice among retirees, specifically in Delaware, South Carolina, Tennessee and Florida.
One of the important first steps is to have your estate planning documents reviewed against the requirements of the state you may move to or obtain a second home in.
This is important, because for example Florida has a homestead exemption and doesn’t allow for a springing power of attorney. Minnesota also doesn’t allow them.
We would also prepare your documents differently ahead of time if you are expecting or planning a move or two homes in your retirement years so that there won’t be a need for amendment in the future.
You will have to change your domicile for tax purposes by changing your driver’s license and registering to vote as proof of intent.
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