Today’s modern society is more mobile than ever before. Thanks to advances in communication and technology, families are now moving all over the country to find their slice of the American Dream. Moving and settling down in an entirely new area can bring the excitement of a new life. When it comes to managing your will, trust, and estate, though, complications can develop. States have their own unique rules and regulations regarding estate law, and these minor differences in terminology or requirements can result in major complications for your estate. Failing to properly review and update your estate plan can cause your property to go into probate, where the state will decide who receives an inheritance and how much they will receive. It’s important to find a professional when dealing with wills and probate, which is where our Bethesda estate planning attorneys can help.
JDKatz is here to serve as your team of caring, professional estate lawyers in Maryland, delivering comprehensive support to help create the best outcome for your situation. From tax law advice to staunch legal litigation, our team is here to help in any capacity that we can. Today, we’ll continue to discuss a few areas that can face scrutiny when you move to a new state and fail to revise your estate plan. When done, be sure to reach out to our experts to create your best plan for the future.
Estate and Inheritance Taxes
The level of taxation you are responsible for at the state level can vary based on which state you ultimately move to. The state of Maryland, for example, exempts close relatives from having any inheritance tax liability. Anyone that is not a charity or considered a close family member will need to pay a 10-percent rate. While many individuals do not need to worry about their respective taxes, the changing of residency can create different rules in which to plan your tax structuring. Our estate planning attorneys also specialize in tax law and can provide insight and guidance in creating a comprehensive plan that accounts for different rules, formulas, and other factors. We have decades of experience and will work hard to create an optimal outcome and peace of mind for your future.
Powers of Attorney
Designating an agent to act as your authority in the event that you are unable to make decisions of your own will is a major decision, and it is one that can be affected if you do not update your estate planning documents upon moving states. The sheer complexity and effort involved with creating power of attorney documents has created a modern atmosphere where states are generally willing to accept your powers of attorney across state lines. It’s important to remember, though, that the scope of requirements can vary greatly from state to state. Some states, for example, have no laws governing the regulation of powers of attorney. It’s important to work with your estate lawyer to create a plan that integrates your existing documents with a minimal risk of rejection.
Naming your beneficiaries that will receive payments upon your death are held in agreement between you and your financial institutions and should not affected by state regulations in any form, but special cases do exist. It’s important to check on each account to ensure that your family members will continue to be covered by your will or living trust. While this aspect should not be among your top concerns when updating your estate plan or drafting a new one, it’s important to ensure that all of the needed information from you and your designated beneficiaries are up to date.
While moving does not create new challenges for people with quality estate plans, the process of reviewing and updating your information is very important. Moving to a new state and purchasing a home, for example, will require you to properly title the property in your name. Be sure to regularly review your assets and property and work to keep everything properly titled in agreeance with your estate plan. This maintenance check can save you from major problems, so be sure to work with your estate lawyer for the best outcome.
Estate plans are very valuable for determining the future and succession of your estate upon your passing. While this approach is done to provide a comprehensive set of plans to cover any likely scenario, it’s important to remember that these documents need to be updated regularly to avoid any long-term concerns. Failing to maintain your will and estate may result in your estate going into the probate process, giving the court authority to decide on how to deal with your properties and holdings. If you are moving to the state or simply haven’t updated your estate plan in awhile, our estate lawyers in Maryland can help. JDKatz was founded to be the best firm for a range of fields, and our Bethesda estate planning attorneys can help optimize the outcome for your estate. Contact us today to learn more.