Estate planning can be a complicated task when moving from state to state, which is why I’ve invited Jennifer Gomez, Esq., to come on this episode of Finance Friday and clear up any confusion.
Jennifer Gomez, Esq. is an attorney admitted to practice in Florida and New York. She assists clients on all matters related to estate planning, including wills and trusts, charitable planning, retirement planning, elder care, asset protection, tax planning, and business planning. She has devoted her life to helping people protect what matters most to them. Gomez graduated with honors from the University of Florida and continued her education at the Nova Southeastern University Shepard Broad College of Law.
Anytime you move from one state or country to the next, the best practice is to get an attorney licensed in that state. You want to be aware of any changes so that you can adjust accordingly. There are a lot of nuances between states, especially in Florida, due to the fact lots of people retire here. One of those differences is the way Florida uses probate court. The probate court process in Florida is a lot more involved than it is in other states, which is why when moving to Florida, it’s a good idea to move from a will-based estate plan to a trust-based one. Getting with a professional attorney like Jennifer can help people moving to Florida avoid many of these pitfalls. There are no estate taxes in Florida, so if you are moving from somewhere like Connecticut with estate state tax, you can simplify your estate planning by moving to Florida.
When it comes to knowing what kind of estate plan you would need, getting with an attorney is instrumental. For example, when it comes to business owners or real estate owners, a trust-based plan is ideal. Trust-based plans are perfect because when your estate gets probated; the result is a time delay; That time delay can cost you a lot of money. Also, with trust-based plans, you have more mechanisms for control; so if the person receiving the inheritance needs some regulation, for whatever reason, you can do that more efficiently with a trust-based plan. Talking to an expert is essential because we can’t predict the future, and if estate control is something you value, this is a great option.
Before meeting with an attorney to discuss estate planning, there are a few things you can do to prepare. Such as; getting together an idea of what you own, how you own it, and who the people you’re trying to benefit are. Make sure to do your research and get with an attorney who does trust and estate planning 24-7. There can be terrible outcomes when you don’t find someone who has expertise in that area. If there is no one in your life that you trust to be responsible with your estate, there are plenty of options for you. You can get an attorney or professional trustee to control the disbursement of the funds.
Fun fact: In Florida, you can leave your trust and estate to an animal! Watch the video to hear about Jennifer’s weird hobby. You can find Jennifer’s website here. Stay tuned till next time.