ESTATE PLANNING BRIEF
Are you planning to move to a different state, or have you just moved to Florida? It may be due to a change in jobs, a desire for a better climate, or an opportunity to downsize or to be closer to your kids. In any event, you’ll have to cope with some hassles, including securing motor vehicle registrations, finding new physicians, and updating financial records.
In addition to these tasks, here’s some practical advice: Don’t forget to amend your estate planning documents. It doesn’t have to be the first thing you do, but it shouldn’t be the last.
Different states, different laws
Remember that the laws governing wills and most other estate planning documents vary from state to state. Under the full faith and credit clause of the US Constitution, if you have valid estate planning documents in one state, the documents will be recognized in all other states. That said, each state has different administrative laws that could affect your estate plan. You should take extra steps to ensure complete enforcement. For example, depending on your situation, you might consider appointing a different personal representative, also known as an executor.
Furthermore, state laws for estate planning and federal tax laws are constantly changing. This could adversely affect the implementation of your will, trusts, powers of attorney, and medical directives – even if you don’t move! You may no longer be able to achieve the intended results, or you might have to forfeit certain tax benefits. Therefore, reviewing your estate planning documents and goals is always good.
Review and revise before you relocate
The optimal approach is to review your estate plan before relocating to determine if any changes will be needed. We can help you revise your estate planning documents as necessary.
Contact us to discuss updating your estate planning documents.
This newsletter is for general information and education purposes only.
It is not offered as legal advice or legal opinion.
To the extent this message contains tax advice, the U.S. Treasury Department requires us to inform you that any advice in this letter is not intended or written by our firm to be used, and cannot be used by any taxpayer, for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code. Advice from our firm relating to Federal tax matters may not be used in promoting, marketing or recommending any entity, investment plan or arrangement to any taxpayer.