As a estate planning advisor, it’s my job to listen to your goals and objectives, prioritize your areas of need, and then, advise you on the most effective way to make your dreams become realities.
3033 Riviera Drive, Suite 103,
Naples, FL, 34103
Frequently Asked Questions
I have recently done my estate planning in my previous state. Why should I redo my planning in Florida?
Estate and probate laws vary from state to state. Consequently, if you are relocating to Florida, you should review the peculiarities of Florida law with a qualified Florida estate-planning attorney to determine the appropriateness and effectiveness of your current estate plan. Although you may not need to rewrite your entire estate plan, there may be good reasons for considering some revisions or additions. In addition, to help establish your intent to be domiciled in Florida, your estate-planning documents should reflect that you are now a Florida resident.
Is my out-of-state will effective in Florida?
Most states, including Florida, recognize an out-of-state will as valid as long as it is written and executed according to the requirements of the state in which you were domiciled when it was signed. However, while validly executed out-of-state wills remain effective in Florida, the provisions of such wills may be interpreted under Florida law and, thus, the results in Florida may be different than in other states. Also, to help establish your intent to be domiciled in Florida, your will should be revised to recite that you are a Florida resident.
If I change my domicile to Florida, will I owe any tax in my former state of residence at my death?
Your estate may be subject to death taxation in another state if you own real property or certain other tangible assets in that state and/or if that state successfully claims that you were domiciled there at the time of your death. Depending on the laws of that state and the type of estate tax imposed, there are additional steps that you may take as a Florida resident to minimize the impact of any such tax.
Why should I do my estate planning in Florida?
Here are some of the many reasons to do your estate planning in Florida:
- Florida has no separate state estate, inheritance or gift tax.
- Florida laws allow you to establish a trust that will last up to 360 years—protecting the assets in trust for your heirs for many generations.
- Florida has no individual income tax, so the earnings on trust assets (even if located elsewhere) retained in a Florida irrevocable trust will not be subject to state income tax in Florida.
- As of 2007, Florida has no intangibles tax.
- If any part of your estate is exposed to probate, the probate process in Florida is relatively simple and can be completed in a timely fashion.
- Another benefit is the significant number of Florida-based attorneys, CPAs, trust officers, financial planners and insurance professionals who specialize in estate planning.
Kilbourn Associates has been providing estate planning and family wealth transfer services to clients around the United States for over 40 years. Mike Kilbourn is the author of several books on financial planning and the founder of the Wealth Protection Network, a collaborative client-focused collective of financial planning professionals.