Altman & Associates is pleased to announce that our associate, Coryn Rosenstock, is now a member of the Florida Bar. This means that, in addition to serving clients residing in DC, Maryland and/or Virginia, Altman & Associates, now offers estate planning services to Florida residents and dual-residence “Snowbirds” who often spend their winters in Florida and their summers up north.
A change in residency can have significant financial, tax and legal implications that should be carefully considered and planned for - preferably by a law firm knowledgeable about the legal particulars of both states. Our decision to branch out into Florida allows us to properly assist our DC, Maryland and Virginia clients in understanding how Florida residency or dual-residency could/will impact their services and planning opportunities.
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.
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 with beneficiaries, in which case, the courts may have to become involved. This means more time and more money.
Another very important thing to remember...an outdated estate plan is as dangerous as having no estate plan at all.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.
If you or a family member have questions about residency and estate planning in DC, Maryland, Virginia and/or Florida, please contact us to discuss.
