Currently living in NC because of employment will be moving to Asia this year.
Will have mail sent to GA PO Box. I am trying to do estate planning and tax planning and trying to figure out what state I will be considered a resident of to determine where to get my estate planning done and how to file taxes?
Also trying to make sure my minor kids will be protected if something happened and our designated guardian will get custody of them with no problems.
The United States Constitution guarantees that no matter what state your documents are executed in, if you later move to another state, they will be given full faith and credit. If you are in NC, then there is no reason not to have the documents drawn up. That way, they will be in place, in the event something happens to you, while you are in Asia. You will want to review the probate rules in the state where your children's guardians reside, in the event you do not set up a trust, to avoid the need for probate. (With minor children, we generally recommend a trust, as this is the best way to avoid probate and stagger the distribution of assets for the kids.)
You are right to be thinking about doing your estate planning now. Planning when there are minor children is the most important estate planning you can do.
James Frederick
All states view residency differently. One quick consideration is where is your driver's license, where do you pay state income tax (if any), and where do you vote.
Your question mentions moving to Asia. I would work with an attorney in the state you choose to set up documents that will deal with your foreign residency.
Good luck,
Randy Fisher
One of the most important considerations is whether you own any land. Real property is the most certain connection to any state! Beyond that, the state law is important for considerations such as drivers licenses, voting and taxation. In some cases, unless you take active steps to secure residency in a new state, the old state will continue to claim that you owe it state taxes - as states may tax the income of domiciliaries whererver that income is earned.
For estate planning, it is often useful to look at the probate laws and rules for a state. For example, here in Florida, at Probate, we must plead and prove why the probate it being filed, not only in Florida, but in the particular county. The facts include real estate (above), other tangible property, location of bank accounts, place of residence (non-owned) and even location of death.
Why are you going oveseas? I ask because if you are going on government business, there are laws that affect your residency - mostly for military personnel, who are deemed to retain their original state of residency througout their military career unless they do something affirmatively to change that residency. The protection is less certain for private business moves overseas.
