DO I NEED ESTATE TAX PLANNING IN MIAMI BEACH, FL? WHAT ARE MY OPTIONS?

I recently got a call from a 49 -year -old unmarried man about to have a child who recently relocated from New York and is ready to do estate planning in Miami Beach, FL to provide for his future children. I receive many of these calls from New Yorkers who are now making Florida their homestead and residence in order to have a better quality of life and pay less taxes all around. New York, for example, has state income tax and state estate tax, Florida has neither of these taxes. 

IF FLORIDA HAS NO STATE INCOME OR ESTATE TAX, DO WE NEED TO WORRY ABOUT TAXES IF WE ARE FLORIDA RESIDENTS?

State income and estate taxes may be incurred from ownership of real estate in other states with income and estate taxes. For example, if the client above still owns a $5,000,000.00 apartment near Central Park in New York city, you can bet that New York state will try to collect money if that person dies. Claiming Florida your state of residence for tax purposes gets very tricky if you are working out of an office in one of the tax states. For example, you have a Delaware corporation with headquarters in New York city with 150 employees, is this a New York business that should be taxed by New York State?

WHAT ARE IRREVOCABLE TRUSTS AND HOW DO THEY HELP WITH TAXES?

Irrevocable trusts are created to save on estate taxes and are based on the tax laws at the time of creation. For example, the exemption amount in 2021 is 11.7 million right now, thus if a US Citizen dies with over 11.7 million, anything over that is taxed. Irrevocable trusts are used to preserve wealth and gift money and can be funded with cash, real estate, or equity in privately held companies where the wealth then grows inside the trust. Once the money/assets/equity is placed inside the trust, the exemption amount at that time is preserved. Thus, if the tax laws change for the worse, you and your loved ones are protected. 

WHY SHOULD YOU USE ALLY M. GLASER, PA TO HANDLE YOUR WILLS AND TRUSTS, ESTATE PLANNING IN MIAMI BEACH AND MIAMI-DADE AND BROWARD PROBATE MATTERS?As a Miami Beach Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach with over twenty-five years of experience and both a Psychology and Law degree, I handle these matters with knowledge and sensitivity. I am familiar and comfortable with both the Broward County and Miami-Dade probate court system and know how to get things done. Additionally, because I do both estate planning and probate law, I am familiar with the challenges of each and provide my clients with additional protections. Call or email me today to discuss your Miami Beach Estate Planning, Wills and Trusts and Miami-Dade County Probate matters.  I am happy to help you and your loved ones during this impo