|I can’t imagine living anywhere but New York, but it happens. Read on:
We are wondering what would happen to the trust if we were to move out of state. Would this one be valid in another state, or do we have to start all over again with a new one? Thank You.
You may move, but it does not mean that the trust moved. The trust will always stay valid under the laws of New York. The better question is, how does the trust interact with the tax and Medicaid laws of the new state? The laws of each state are different and I do not pretend to know them all. Perhaps the state we are most familiar with is Florida because we have so many clients that have relocated to that state. Our trusts continue to work fine there. The bottom line is that upon deciding to relocate, you should sit down with a qualified elder law attorney in the new state and find out if the trust needs any tweaking. I have never seen a case where you had to start over, and even the need to tweak is rare.
As a past president of the National Academy of Elder Law Attorneys, I am very familiar with the best elder law attorneys in every state. When you decide to move, we can provide you with the appropriate referrals.