The Migrating Client - Wednesday Part 1 of 3
Session I: A Statistical Analysis of Inter-State Migration Patterns in America
This seminar will explore:
(1) which states Americans are migrating to and from;
(2) the number of Americans moving each year and the cumulative effect of annual migrations;
(3) the number of immigrants moving into the United States and what states those immigrants are calling home;
(4) whether migration patterns for Americans and immigrants have changed over the last fifteen years and
(5), a brief examination of world migration patterns.
Trent S. Kiziah, Los Angeles, CA
Session II: The Basics of Residency, Domicile and Key Factors
This session will explain residency, domicile and the key factors that a state examines in making a determination. The state’s right to tax an individual (or her or his trust or estate) and the individual’s ability to choose the law of the state or country that will apply for tax or asset protection will also be explored. In addition, hypotheticals will be used to show the impact of particular facts on the analysis.
T. Randall Grove, Vancouver, WA
Jerome L. Wolf, Boca Raton, FL
Session III: Domestic Non-Tax Issues
Moving to a new state raises a host of estate planning issues (even aside from state tax issues), beginning with, “Do I need a new will?” Issues in the new states include formal validity of the current will, requirements for “proving up” the will, whether a will should be converted to a revocable trust because of probate complexities, fiduciary appointments, elective share rights of spouses, and recognition of the co-ownership of property. States vary in their laws regarding various issues such as tax apportionment, near simultaneous deaths of spouses, the meaning of “per stirpes” and the treatment of class gifts, powers of appointment, and the rule against perpetuities. Obvious issues arise if the move is between community property and non-community property states. Moving between states can also impact other important documents including premarital agreements, powers of attorney, and medical directives. Almost every state has specific peculiarities that should be addressed for persons moving to that state, and a representative sampling of these special considerations will be addressed.
Stephen R. Akers, Dallas, TX
Katarinna McBride, Chicago, IL
Session IV: Debtor and Creditor Issues: How Choice of Domicile May Affect a Client’s Exposure to Creditor Claims
While the explosion of uniform laws has resulted in many areas of state law with broad state to state uniformity, state debtor/creditor laws continue to differ largely jurisdiction to jurisdiction. Even where federal law is involved, such as bankruptcy, state law has a critical role. This session will explore some of these local differences and will consider the intentional and unintentional consequences for the migrating client.
John A. Terrill, II, West Conshohocken, PA
ACTEC 2015 Summer Stand-Alone Meeting
June 17, 2015
Québec City, Québec, Canada