Trust & Estate Planning in Boca Raton
Protect what you have built. Ensure your wealth transfers across generations and state lines with clarity.
Fee-Only
Compensated solely by our clients. No commissions. No conflicts.
Serving Florida Since 1995
Three decades of fee-only fiduciary wealth management.
Your Northern Trust Was Drafted for a Different State, a Different Tax Code, and a Different Life
Your estate plan, reviewed continuously. Coordinated with your attorney.
The trust your attorney prepared in New York or Connecticut was designed to navigate that state's estate tax, that state's probate process, and that state's creditor protection framework. Florida's rules are meaningfully different: unlimited homestead creditor protection, no state estate tax, a 30% elective share that extends beyond probate assets, and descent restrictions that can override your will entirely.
If you retained an apartment in Manhattan, it may expose you to New York probate and estate tax regardless of your Florida domicile. If you have a prenuptial agreement from your first marriage, Florida's elective share rules may interact with it differently than you expect. If your trust was funded 15 years ago, the assets inside it may no longer reflect your family's current structure. These are not hypothetical risks. They are the issues that surface when families need their estate plan to work. View our trust and estate approach
Your Boca Raton FinancialTeam
Michael T. Koenig, CFP®, J.M.
Mike founded FirsTrust in 1995 and leads the firm's trust and estate practice. A Certified Financial Planner® with a JurisMaster in Law and 40 years of experience.
Brian Sirota, CFP®, ChFC®, MBA
Brian is a Certified Financial Planner® and Chartered Financial Consultant with an MBA and 17 years of planning experience.
Estate Planning Considerations for Palm Beach County Families
Multi-State Estate Tax Minimization
Families retaining Northern property should hold out-of-state real estate in LLCs or trusts to avoid ancillary probate and potential state estate tax claims by the former state.
Irrevocable Life Insurance Trusts
Remove life insurance proceeds from the taxable estate while providing liquidity for estate taxes, equalization among heirs, and charitable commitments.
Florida's Elective Share
The surviving spouse is entitled to 30% of the augmented estate, which includes revocable trust assets, joint accounts, and certain lifetime transfers. This requires coordination with prenuptial agreements and blended family planning.
Dynasty Trust Planning
Florida's 1,000-year trust duration enables multigenerational wealth transfer with creditor, divorce, and estate tax protection for every beneficiary generation.
Common Questions About Trust & Estate Planning in Boca Raton
Real property located in New York is subject to New York probate (ancillary administration) regardless of where you are domiciled. It is also potentially subject to New York estate tax. Holding the property through a revocable trust or single-member LLC may avoid ancillary probate but does not necessarily eliminate New York estate tax exposure on the property's value. The property may also give New York a basis to argue you remain domiciled there for estate tax purposes. Your FinancialTeam coordinates with your estate attorney to structure ownership and documentation to minimize these risks. State tax treatment of LLCs and trusts varies; consult with attorneys in both states.
An Irrevocable Life Insurance Trust (ILIT) owns a life insurance policy on your life (or your spouse's life, or both). Because the trust owns the policy, the death benefit is excluded from your taxable estate. This provides estate tax-free liquidity to pay estate taxes, equalize inheritances, or fund charitable commitments. ILITs are most valuable for families whose combined estate exceeds or approaches the federal exemption ($15M per person in 2026), or who want to ensure liquidity without forcing the sale of illiquid assets. Policies transferred to an ILIT are subject to a three-year lookback rule (if you die within three years of the transfer, the proceeds are included in your estate). New policies purchased directly by the ILIT avoid this issue. Your FinancialTeam coordinates ILIT planning with your estate attorney and insurance professional. Learn more
Florida's elective share gives the surviving spouse the right to claim 30% of the augmented estate. A valid prenuptial or postnuptial agreement can waive this right, but the waiver must meet Florida's specific requirements: full financial disclosure by both parties, the agreement must be executed voluntarily, and it should specifically reference the elective share. If your prenup was executed in another state, its enforceability under Florida law should be reviewed. Courts may decline to enforce waivers that were obtained without adequate disclosure or under duress. Your FinancialTeam identifies these issues and coordinates with your estate attorney.
Florida's trust law provides strong but not unlimited asset protection. Florida dynasty trusts offer up to 1,000-year duration, spendthrift protection for beneficiaries, and no state income tax on trust income. South Dakota and Nevada offer somewhat stronger self-settled asset protection trust provisions (Florida does not recognize self-settled asset protection trusts). However, Florida's overall tax environment (no income tax, no estate tax, unlimited homestead protection) combined with the practical advantages of having your trust administered in your home state often makes Florida an attractive choice. The best jurisdiction depends on your specific goals, asset types, and family structure. Your FinancialTeam evaluates this with your estate attorney.
In most cases, having a Florida attorney review and potentially restate your trust is advisable. Florida has specific provisions around trust administration, homestead, elective share, and creditor protection that your Northern documents may not address or may address differently. Additionally, naming a Florida-based successor trustee, ensuring your pour-over will complies with Florida execution requirements, and confirming that trust provisions align with Florida's version of the Uniform Trust Code are important steps. Your FinancialTeam facilitates this review and can refer you to Florida estate attorneys we have worked with extensively.