Find an Estate Planning Lawyer for New York & Florida: Safeguarding Your Assets Across State Borders
for individuals who divide their time between New York and Florida or own property in both states, crafting a thorough estate plan necessitates careful consideration of the laws and regulations in each jurisdiction. It is crucial to navigate the intricacies of multi-state estate planning with expert guidance to protect your assets and ensure your wishes are upheld. Morgan Legal Group offers estate planning services for clients with connections to both New York and Florida, with an additional office in Boca Raton for added convenience.
The Importance of Multi-State Estate Planning
If you have ties to both New York and Florida, it is essential to create an estate plan that adheres to the laws of each state. Failing to do so can result in double taxation, probate complications, and conflicting laws that may lead to disputes. Proper planning minimizes these risks and guarantees that your intentions are respected.
Determining Residency: Identifying Your Domicile
Your permanent home plays a pivotal role in determining which state’s laws govern your estate and tax obligations. Factors such as property ownership, voting location, banking arrangements, tax filings, driver’s license issuance, and vehicle registration contribute to establishing domicile.
New York vs. Florida Estate Tax contrasts
New York imposes an estate tax threshold of $6.94 million as of 2024, while Florida does not levy a state estate tax.Understanding these variances is crucial for effective tax planning strategies tailored to your specific circumstances.
