If all you want to do is bind the Person properties to user controls on your view, having the Person class implementing INotifyPropertyChanged is enough to make the data binding work. You will typically bind it to properties of a user control that are dependency properties (eg the Text property of a TextBlock).
First of all your implementation of the existing FirstName and LastName properties is flawed. The DependencyObject already has ways to inform bindings of changes to the values and values can be changed by other mechanism than calling the Setter methods.
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