Understanding Estate Planning for Snowbirds
Snowbirds are typically retirees who split their living arrangements into two States, so as to avoid the cold weather during the winter months. A common example of a snowbird is how many New York residents will move to Florida during the winter.
Do I Need Estate Planning Documents in New York and Florida?
It is good practice to consult with an estate planning attorney who is familiar with the laws of both states that you own property in or has contacts with an experienced Estate Planning attorney in each State. The attorney will then be able to evaluate your situation and determine whether you need separate documents that are State specific or whether a single document that conforms to the laws of each state is satisfactory.
Should I Establish Residence in New York or Florida?
Many of these snowbirds designate where their legal residence is based on what will yield them the most favorable tax outcome. In addition to tax considerations in New York and Florida, one should consider where they ultimately plan to obtain long-term care. Each State varies when it comes to government programs that provide coverage for long-term care in Florida or New York.
Be Informed as a Snowbird in New York and Florida
At Russo Law Group, P.C. we have experienced and knowledgeable attorneys who are licensed in multiple states, including Florida. In addition, we have the resources to assist you in the information you need to obtain to determine what is right for you.
Russo Law Group, P.C. helps you and your loved ones handle Estate Planning, Elder Law, Special Needs Planning, Medicaid Planning, Trust & Estate, Guardianship, Small Business Planning, and Real Estate Law. We welcome you to contact our Garden City, Lido Beach, Islandia, or Manhattan, New York law offices to learn more about how we can help address your estate planning legal matters.