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Resident,she or he might perhaps take the assets after you pass away and leave the nation with them � which would leave Uncle Sam empty handed A financial power of attorney authorizes someone you trust to act on your behalf in financial matters The Law Firm of Steven F.Bliss Esq.State estate/inheritance taxes vary,but because they may use at a lower threshold,your estate might be exempt from federal tax and still need to pay a state tax.
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For some assets you can designate someone to receive the property upon your death,without giving them any current ownership rights.
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