Leaving New York: Estate Planning Tips for New Residents

According to the recent US Census Bureau, New Yorkers are leaving to many different states in our country. The number one state, of course, is Florida but you might be surprised by numbers 2-5, New Jersey, Pennsylvania, Texas and California (in that order).

So, if you are leaving New York permanently, I would urge you to consider meeting with an estate planner in your new state of residence. If you need guidance on finding this attorney, contact my law firm.

In this situation, you should consider updating your Durable Power of Attorney, Health Care Proxy and Living Will to reflect the the laws of your new state of residency.  Further, you should consider executing a new Last Will and Testament, as well.

In addition, a number of steps should be taken to change your domicile from New York which helps avoid any attempt by New York State to later tax your estate.

If you are a snowbird, then you need to consider planning under both jurisdictions.