Hello,
General question about estate planning. I understand that estate planning is largely a creature of state law, but which state? My parents live in Michigan and own their primary residence there (along with some other assets), but they also own a rental property in California and plan to hopefully move there after retirement and live in the California home. Presumably, they will sell the Michigan home at that time. They are in the process of starting their estate planning, should the trust be established in CA or in MI? I assume it makes a difference? If so, can one establish a trust in one state, while still residing in another?
Thank you!
General question about estate planning. I understand that estate planning is largely a creature of state law, but which state? My parents live in Michigan and own their primary residence there (along with some other assets), but they also own a rental property in California and plan to hopefully move there after retirement and live in the California home. Presumably, they will sell the Michigan home at that time. They are in the process of starting their estate planning, should the trust be established in CA or in MI? I assume it makes a difference? If so, can one establish a trust in one state, while still residing in another?
Thank you!
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