Trust, Estate & Tax Planning and Administration
for Residents of New York and Florida

People typically create and update their Estate Planning at pivotal times in their lives - such as at marriage, the birth of a child, grandchild or great grandchild, when they need to name or change beneficiaries for their employee benefits and insurance, need tax planning, change their state of residence, acquire, sell or transfer homes or business interests, retire, receive an inheritance, make charitable gifts, do long term care planning, face serious health concerns, address inheritances for non-U.S. citizen family members, or serve as a health care agent, power of attorney, executor or trustee for family or friends. Our attorneys help individuals at all of these times.

The individuals, couples, and families who receive the most benefits and protections from their Estate Planning are those who review their planning regularly and keep it current with their personal circumstances, objectives and the changing laws.

Estate Planning for Snowbirds

Considering a change in residency is not a simple endeavor. Such a change requires an in depth review of a person's assets and sources of income as well as a review of the individual's commitment to making Florida his or her permanent residence. This review is imperative to a successful residency change. We routinely assist local families who are considering a change in residency with this review and further assist them with making the changes that are necessary in order to effectuate a successful residency change, when such a change is available and appropriate.

For individuals not looking to change residency from New York to Florida, but own real property in Florida, we assist individuals with structuring their estate plans so that their Florida real property is easily transferable at the end of their lifetimes.

We also are able to provide estate and trust administration services for individuals who have died as residents of Florida, as we know our way through the Florida probate process and have drafted and administered numerous Florida Wills and Trusts.

Estate Planning for Closely Held Business Owners

Over the years we have had the good fortune of working with local entrepreneurs in integrating their plans for the future of their businesses into their overall estate plans. For many, determining how to leave the family business in tact as it passes to the next generation takes a "business plan" of its own, which takes time, tax and Estate Planning expertise to create.

For some business owners, when a lifetime ends, by design the business interest dies with the individual. In those instances, the business agreements hold the key as to how the value of the individual's interest will be determined and ultimately distributed to his or her beneficiaries. Having drafted and reviewed hundreds of these agreements, Jones Wilcenski & Pleat PLLC has the expertise to assist owners in incorporating the value and disposition of a business interest in to an integrated estate plan.

For other business owners who consider their business as their legacy, our role is to advise the best course of action to preserve that legacy.

For those who do not intend to pass their business interests along to the next generation, our role is to assist in finding the most appropriate way to maximize the value of the interest and pass it along to family members.

Just as in growing business, the business owner's decision will be key. Jones Wilcenski & Pleat PLLC knows that bases need to be touched to ensure that the business owner does not overlook any of the necessary considerations.

Customized Beneficiary Designations for Retirement Plans and IRAs

Between 40% and 50% of individual wealth in the United States is held in retirement plans and IRAs. For individuals who want to maximize the benefits of these accounts, during their lifetimes and for their beneficiaries, it is critical to do estate planning that incorporates the tax, creditor protection, trust management, and charitable giving laws that apply specifically to these accounts. Individuals also need estate planning expertise and advice that differentiates among retirement and IRA accounts owned by the employee/participant, the retiree, the surviving spouse, charitable organizations, or other individual beneficiaries who are to inherit all or part of these accounts.

Jones Wilcenski & Pleat PLLC recognizes the value that can be added to an individual’s estate with education about the lifetime use of these accounts before and after retirement, as well as customized beneficiary designations to direct the distribution of these accounts after an individual’s lifetime. The difference in value between retirement account/IRAs with customized beneficiary designations and unplanned beneficiaries can be significant.

Jones Wilcenski & Pleat PLLC takes a series of deliberate steps to integrate these accounts into an individual’s comprehensive estate plan. This process is explained in our initial appointment and concludes only after the confirmation from the retirement plan/IRA administrators that customized beneficiary designations are on file and effective.

Charitable Gift Design and Implementation

On many occasions over the past 25 years, as Jones Wilcenski & Pleat PLLC has done comprehensive Estate Planning as well as Special Needs Estate Planning for its clients, we have structured and implemented charitable gifts for clients with specific charitable intent and for clients who use charitable giving to help them accomplish several goals at one time.

For clients with specific charitable intent, Jones Wilcenski & Pleat PLLC is able to assist them with selecting the most appropriate asset and charitable giving arrangement to accomplish their goals. Often our clients find that with the tax savings generated by charitable deductions, their gifts do not cost them as much as they expected or they are able to increase the size of their gifts.

For clients who wish to transfer appreciated assets, Jones Wilcenski & Pleat PLLC can offer as one planning option, a customized charitable giving arrangement that may satisfy a combination of the client's goals better than any non-charitable arrangement. For example, the creation of a charitable gift annuity or a charitable trust can reduce long term capital gains, provide an immediate income tax deduction, generate an income stream for the individual and other family members, and provide asset management for family members who lack experience, prudence, or who may have special needs. If the family does not need the return of an income stream, we can design other charitable arrangements with the specific charity, a community foundation, or a private foundation.

As attorneys retained by individuals and families to design and implement their charitable plans, as board members, charitable giving consultants, speakers about charitable giving, as donors ourselves, and as attorneys hired to equip charitable organizations to offer these charitable giving arrangements, Jones Wilcenski & Pleat PLLC can offer its 360-degree perspective to help clients find the charitable gift that is the right fit for their goals and circumstances.