Article on Jurisdictions Vie for Your Wealth

Robert L. Moshman, Esq. recently published an article entitled, Don’t Live in New York, Don’t Die in New Jersey: Jurisdictions Vie for Your Wealth, The Estate Analyst, Nov. 30, 2014. Provided below is the introduction to the article:

Death requires no additional downsides. Death is almost always an inferior option to all the other alternatives that involve living. Yet, all other things being equal, some states provide estates with favorable amenities, such as mellow probate rules and an escape from state death taxes. Several jurisdictions are actively vying to become destination locations for your wealth (and the last stop for you).

There are, however, states that impose burdensome death taxes and unnecessary expenses on estates. Some jurisdictions will trap heirs in a punitive probate process that could be mistaken for Hell. Here, we attempt to identify some of the jurisdictions that might be worth avoiding. For example, living in New York may be an expensive option. Also, try not to die in New Jersey.