Altman & Associates is pleased to announce that Gary Altman is now licensed to practice in the state of New York and Coryn Rosenstock is now licensed in the state of Florida. This is great news for our D.C., Maryland and Virginia clients who might be moving to/from New York and Florida for work or retirement and for the many dual-residence “snowbirds” who own property in multiple states.
A person’s state of residence affects pretty much every aspect of estate planning: Probate, property rights, validity of a will, rights of the beneficiaries, estate taxes, inheritance, governmental benefits, medical directives and more. Residency determines which jurisdiction will probate a person’s will and which state laws govern the distribution of the estate’s assets. A change in residency can have significant financial, tax and legal implications that should be carefully considered and planned for by a law firm knowledgeable about the legal particulars of the states involved.
In the case of dual-residents, things can become especially complex. If there is any confusion as to a person’s legal domicile at the time of their death, executors have to make determinations that don’t always go over well with beneficiaries, in which case, the courts may have to become involved. This means more time and more money.
If you or a family member have questions about residency and estate planning in DC, Maryland, Virginia, New York and/or Florida, please contact us to discuss. And remember – an outdated estate plan is as dangerous as having no estate plan at all. We recommend that clients have their estate plans reviewed at least every 4 years to ensure that all information, including residency and beneficiary designations, are current.