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Many people are confused about the differences in the terms domicile, statutory residence, and residence. The distinction is important and can have serious ramifications for your estate plan.

Your of domicile can have a significant impact on your estate plan, and may also affect your state tax liability. Also, not all states define property ownership in the same way.

The rules that govern each state’s estate taxes are not necessarily created equal. Many states have estate taxes that could exceed the federal estate tax credit.