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Success Stories

​Community Property Planning for a Transient Client

A new client with significant assets contacted us to update his estate plan. The client was originally from Michigan, but he spent many years domiciled in Texas before residing overseas for several years and ultimately moving to Florida. Because Texas is a common property state, complications arose when we realized that our client's estate plan made no provisions for his community property. We assisted him in identifying which of his property could be considered community property and then established a trust fund to hold the property. This kept him from losing out on any tax benefits the community property would bring him. Unfortunately the client died, but the IRS accepted the community property classification, which saved the widow hundreds of thousands of dollars in capital gains tax.

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