Estate planning important for New Yorkers who own Florida property – Buffalo Business First

In order to avoid the tax exclusion, it is recommended you sell the New York property either before or promptly after moving to Florida. One should also take note that New York State is quite aggressive in auditing people who switch their residency to Florida, so you should be prepared for an audit, keeping careful records of the time you spend in Florida and your trips back and forth to New York.

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Shane Mahar Residential Real Estate Broker from Albany, New York. I’m from Albany and personally have a 2 fam in the "Student Rental Area" as well as managing a few properties and being a Realtor. There happen to be 5 colleges that bookend this one section that mostly contains 2 and 3 family homes.

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Even fewer people probably know what property may pass through a will. And these are just some of the most basic estate planning issues that New Yorkers may encounter. Although the process can be complicated, New Yorkers should plan for what will happen to their property and assets.

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Being classified as a New York State resident for state income tax purposes can easily give rise to a tax liability of thousands of dollars, even for an "average" taxpayer, since New York taxes its "residents" on all of their income, but only taxes nonresidents on the income that’s earned in New York.

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Preparing for end of life is a scary and emotional time. providing for your loved ones and knowing where your possessions will go is something everyone wants to ensure. Read our definitive New York Estate Planning Guide for insights into estate planning, will & probate process by our Buffalo Estate Planning Lawyer.

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