Estate Planning & Probate Lawyer, Fort Lauderdale, FL

Which Assets Are Subject to Estate Taxes in Florida?

Protect your legacy with a solid estate plan

The smaller you can make your taxable estate, the more of it you can pass on to the people and causes closest to you. But effectively protecting your assets from the IRS takes advanced planning. In Fort Lauderdale, The Levy Firm PLLC uses strategic trusts, gifts, annuities, and financial management to reduce the impact of federal estate taxes on your legacy.

If you want to know more about how federal and Florida law apply to your specific assets and estate, contact The Levy Firm PLLC in Fort Lauderdale to schedule a confidential, free consultation.

Avoiding federal estate taxes in Florida

Sometimes called the “death tax,” the federal estate tax is assessed when a decedent’s estate is transferred to loved ones and other beneficiaries. To the IRS, an asset is just about anything with market value and therefore, just about anything can be taxed – sometimes by up to 40 percent – upon death. The goal of estate tax planning is to get as many of your assets into a protective financial or legal structure as soon as it is possible to do so without incurring avoidable taxes and fees.

Assets to consider for tax protection include:

  • Publicly Traded and Closely Held Stocks
  • Cash, Savings Accounts, and Bonds
  • Real Estate, including Real Estate Partnerships
  • Business, Limited Partnerships, Noncorporate Business Assets
  • Private Equity Hedge Funds
  • Some Retirement, Annuities, and Savings Plans
  • High-Value Items, Jewelry, Art, Luxury and Classic Vehicles, Boats

The Levy Firm PLLC in Fort Lauderdale can guide you in asset protection and reducing tax impact on your legacy and estate. We can help ensure your interests are protected.

Protect your qualifying assets

If you take informed, proactive action to protect your estate, federal estate taxes can be minimized or possibly avoided altogether if you can minimize the value of your estate to less than about $12 million to $24 million. When customized properly, protective structures may include entities like:

  • Trusts
  • Annuities
  • Insurance Policies
  • Retirement Savings Accounts
  • Investments
  • Homestead or Lady Bird Declarations

Using federal tax laws to reduce the size of your estate must be done meticulously to be effective. Even a small error in the application and titling process could increase your tax assessment by thousands of dollars. Estate tax planning attorney Geoff Levy drafts solid legal documents for strong asset protection. Contact us to find out how he can help you.

Start protecting what matters most to you today

The larger your estate is, the more critical it becomes to ensure your property does not wind up in probate. The Levy Firm PLLC is known for our creative and powerful use of tax laws to maximize the size of your estate. We can help you protect the legacy you’ve built. Contact us for a confidential free consultation.

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Free Consultation. Contact Us Today.

If protecting your legacy and the financial security of your loved ones is a concern of yours, it’s a concern of ours. Let’s talk. Our law firm provides legal services in English and Spanish. Free consultations for new clients.

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