It is quite common for parents and grandparents to want to leave money to a person under the age of eighteen (18) years old (a “minor”). Since a person younger than 18 can not legally inherit money, having a minor as a...
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Transfer on Death and Lady Bird Deeds
New York recently passed legislation permitting transfer on death deeds, which are similar to the lady bird deed which has become popular in the State of Florida. While both of these options are inexpensive ways to avoid probate, there are some serious disadvantages to them as well.
Both...
The Necessity of Checking Beneficiary Designations
Many people are unaware that if you have a beneficiary on your retirement account, life insurance, or other asset, the beneficiary designation supersedes your will. For example, if your will leaves all your assets to your spouse, but beneficiary designations have your children listed as the primary...
How To Protect Your Child’s Inheritance
An important concern of many parents is the risk of leaving money to an adult child and then having the child get divorced from his or her spouse. At least in New York, although many other states have similar laws, inherited property is considered separate property, not marital property when it comes...
Revocable Living Trusts and Avoiding Probate
Clients are often advised by their financial planners and bankers to put beneficiaries on their accounts, in order to avoid probate. Having a beneficiary or transfer-on-death designation makes it easier and quicker for beneficiaries to access the assets when one passes away, but having...
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Changing Your Residency From New York to Florida
Are you considering becoming a Florida resident? There are many factors to consider. Most people want to give up their residency in New York and change to Florida in order to avoid income taxes and the New York State estate tax. People also make the change in order to qualify for the homestead exemption and...
Charitable Giving Through Your Estate: How Floridians Can Leave a Legacy
An estate plan can allow you to leave assets to your children, family, and friends. However, there are many other things you can do with an estate plan, including leaving assets to charity. In this article, we examine how to make charitable contributions in Florida through your estate plan.
Estate Planning for Blended Families in Florida: Strategies for a Seamless Inheritance
Getting remarried after a divorce or the death of a prior spouse should motivate spouses to establish or revise an estate plan. However, when spouses combine their families, estate planning can come with significant personal and legal challenges. Blended families should familiarize themselves with strategies that can help make the estate...
How to Devise Homestead Property in Florida
If one owns property in Florida as homestead property, the property automatically passes to one's heirs at death. That sounds great and easy, but the reality is that as an owner of the property, you may not want your property to pass to all of your next of kin, in equal...
Intestacy: What Happens When One Dies Without a Will
When someone dies without a will, the assets owned by that person do not pass to the State. Rather, the laws of the State where one resides determine who the assets are distributed to. Generally speaking, the people who inherit are...