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Aventura Corporate Center
20801 Biscayne Boulevard
Suite 400
Miami, FL 33180

305-932-2293 Miami-Dade County
954-760-7077 Broward County

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April 2013 Archives

Changing your domicile to Florida

So-called "snowbirds" - people who winter in the warmer climates of Florida to avoid the freezing temperatures in the North - should consider whether they want to establish Florida as their official domicile. Tax budget cuts have pushed many states to seek further revenue from estate taxes and other fees, a situation that could convince some snowbirds to think about making changes. This estate planning decision could have important tax and wealth distribution implications, particularly for those with multiple homes. Before you formally change your domicile to Florida, though, you must evaluate several aspects of your estate.

Watch out for states with independent estate tax

As the United States narrowly avoided plunging from the fiscal cliff at the beginning of the year, additional estate planning provisions were instituted on a federal level to protect probate worries. Even though individuals can now hand down a whopping $5.25 million without federal taxes, state taxes still persist. These state-specific taxes could end up costing your estate thousands if you fail to anticipate their effect on your probate process. Luckily, Florida is one of three states that do not impose either inheritance or estate taxes.

What's the Difference Between a Will and a Trust?

Basic estate planning brings up a lot of questions. Most beginners are not aware that there is a difference between a will and a living trust. Each of these estate administration options provides its own special benefits; today's blog post will help you decide which you should include in your probate plan.

Verify your trust taxes after a move

Are you considering using a trust in your estate planning documents? If so, there are a few things you should know before you finalize your will and other estate administration directions in Florida. Even though trusts are excellent options for many people, they must be handled with care to ensure their proper execution.