For years trust and estate practitioners have shared their concerns that New York’s high taxes are pushing wealthier residents to move out of state. In fact, an analysis released this year by New York City’s Independent Budget Office showed an 11% decline in the number of city taxpayers who earned between $1 million and $5 million in 2020 from the prior year.
This perceived migration has caused New York estate practitioners to be frequently confronted with cross-jurisdictional issues. Perhaps your New York clients are snowbirds with a second home in Florida, are beneficiaries of a South Dakota trust or are contemplating a move to Israel. Arguably the most commonly “cut and pasted” (but seldom appreciated) boiler-plate provisions in wills, trusts and other related documents are impacted by these cross-jurisdictional issues. Sometimes the outcome of an issue turns on whether the substantive or procedural law of one jurisdiction or another governs.
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