The late Joan Rivers’ will states that her state of residency is New York but her state of domicile is California. In New York, the estate tax exemption was raised from $1M to $2.062M per person in April and will continue to rise each year until January 1st, 2019. On the other hand, in California, there is no estate tax. As such, this detail has generated suspicion in the estate planning community regarding Rivers’ intention to reduce her estate tax burden.
Read more at “Joan Rivers’ estate planning gambit: A New York state of residence,” Darla Mercado, Investment News.
Posted by Elizabeth Cheung, Associate Editor, Wealth Strategies Journal.