Legal Question in Wills and Trusts in New York

Re: deed ny home to fl trust

Yes, you can avoid probate in New York (assuming the residence is the only property in New York) by transferring the residence to a Trust (Florida or New York). A copy of the Deed can be obtained from the recorder's office, so that is not a worry.

Re: deed ny home to fl trust

Yes, placing your property in trust can avoid probate. Your attorney can locate a copy of your deed from the local county clerk.

You may contact my office directly at [email protected] for a consultation on this matter.

Re: deed ny home to fl trust

Both of Norman and Anthony are correct about avoiding probate, its related costs and fees, by the transfer you propose. However, depending upon the total value of all of your assets (FL and NY real estate and other assets), you might not be avoiding or reducing state or federal estate or inheritance taxes. I am presuming that the FL trust is the typical FL revocable living trust, that only accomplishes avoidance of probate. If you were to amend the trust, so that it also contained provisions for internal irrevocable transfers of assets for the benefit of your children, as well as you, the potential estate and/or inheritance taxes might be eliminated or, at least minimized. This would require the assistance of an attorney familiar with trusts and Florida law on these taxes. I have a number of Florida clients who have done this. Most FL residents think there are no FL estate taxes, if their estate is below the federal minimum for federal estate taxes. However, FL has changed its state estate tax laws recently, and there is now a potential exposure, which can be reduced and/or eliminated, if the proper documents and language are in place. Finally, your NY Deed is on record in the office of the County Clerk where the property is located, and a copy can be obtained so that the new Deed can be properly prepared and recorded. Contact me directly if you need any help.

Re: deed ny home to fl trust

Yes, the trust can enable you to avoid probate.

It is not necessary to have a copy of the deed to make the change. A new document can be drafted without it and the government can issue a new deed without the old one. It is only necessary that you be the recorded owner with no later document transferring the ownership to another party.

Taxes are complicated. Probate is an important issue, but so are taxes. A revocable trust can avoid probate, but tax relief can only be had through an irrevocable trust.

If you have any questions, feel free to contact me for a consultation for no fee.