Wills and trusts are two of the most common estate planning tools. However, it can be difficult to know whether a will or trust is right for you. At the Law Office of Angela Siegel, we can help.
At our office, we will listen to your goals, examine your situation and help you understand your legal options. We will give you straightforward advice about using a will or a trust as part of your estate plan, and we can help you create comprehensive estate planning documents that meet your needs. We will review your asset base and provide advice with respect to estate and gift tax, and the proper titling of assets. Oftentimes, clients title their assets in ways that conflict with their desires and with their wills and/or trusts, so it is important to look at the whole picture.
Wills Attorney Serving New York & Florida
Wills and trusts each have their benefits. Each of them offers a way to pass property to one’s heirs or friends. A will is a basic and necessary first step in estate planning. It is a vehicle for outlining your wishes rather simply, setting forth who your beneficiaries are, what exactly they will receive, and who will be the person or persons implementing your wishes and administering your estate. When one passes away, your will is filed with the court and a representative will distribute your assets according to your will and the law. Of course, a will can also be prepared with as little or as much detail as you desire, and it offers flexibility. The will can create various trusts within the document, for the benefit of someone disabled, for a spouse, and/or for minor children. One advantage to having a will is that there is some court supervision over the probate process, ensuring that one’s wishes will, in fact, be honored.
Trusts Attorney Serving New York & Florida
A trust may offer more flexibility than a will and it can help with very specific situations. A trust can help you avoid probate and minimize estate taxes. We can explain the types of trusts and help you choose a trust option that works for you such as:
- Life insurance trusts to avoid taxes and provide ready cash upon death
- Qualified personal residence trusts to minimize taxes
- Revocable living trusts to avoid probate
- Irrevocable trusts designed to provide for long-term care
- Special needs trusts for disabled children or other loved ones
- Medicaid and asset protection trusts
- Trusts for minor children
- Credit shelter trusts to provide for spouses and reduce taxes
Geographic Considerations
It is important to note that the estate plan you create in New York may not work in the state of Florida, as there are key differences in the laws of each state. For example, New York health care proxies and powers of attorney are usually not accepted in Florida. This holds true with other states as well. Moreover, the probate process in Florida is much more time-consuming and expensive than it is in New York.
In fact, probate and estate administration outside of New York can be difficult, which may be a reason to establish a revocable living trust. Even if you are a resident of New York, if you own real property in another state, you will be subjected to a probate process in that other state. Estate taxes are also an important consideration, as most states have an estate or inheritance tax separate from and in addition to the federal estate tax.
If you are planning a move to Florida, or if you need help with a Florida estate matter, it is important to seek advice from an attorney with experience in Florida matters. Attorney Angela Siegel is admitted to practice law in both New York and Florida (as well as in Massachusetts and Pennsylvania). She can help you understand the differences in the laws and how they apply to your situation.
Living Wills and Estate Tax Planning
In addition to helping you with wills and trusts, we can also create living wills, health care proxies and other estate planning documents. We can help with your estate tax planning and long-term care planning. We are committed to providing you with the comprehensive estate planning representation you need, whether you live in New York or Florida or spend time in both states.
Helping Snow Birds and New Yorkers Prepare for a Move to Florida
From our office in Garden City, attorney Angela Siegel can review your estate plan to help you prepare for a move to Florida or another state. She is particularly experienced at helping clients with a wide range of New York and Florida estate planning matters, including:
- Wills and trusts
- Asset protection and long-term care planning
- Health care proxies
- Powers of attorney
- Tax matters
We will work diligently to ensure that your estate planning accurately reflects your wishes in both New York and Florida (and in any other state you intend to move to).
Assisting Relatives with Estate Administration in Florida
When you live in New York, it can be hard to get down to Florida to wrap up an estate, especially since the probate process can be lengthy. We can help you through this process and assist you with all aspects of probate and estate administration. From paying estate taxes to distributing assets to beneficiaries, attorney Angela Siegel is dedicated to providing clients with comprehensive, quality and compassionate legal representation in New York and Florida.
Contact Our Attorney About Wills and Trusts in New York and Florida
Licensed to practice law in New York and Florida, attorney Angela Siegel helps clients with estate planning issues in both states, from her Garden City office. For a free consultation to discuss wills and trusts in New York and Florida, contact attorney Angela Siegel online or call us at 516-741-6100.