Estate Planning & Probate Lawyer, Fort Lauderdale, FL

Fort Lauderdale Wealth Transfer Attorney

Customized estate plans that protect your loved ones and assets

When a wealthy individual dies without a clear estate plan, it often leads to turmoil and family conflict. Disagreements arise from genuine but differing beliefs about the deceased's intentions. In some cases, the conflict may be driven by grief or greed. Safeguarding your legacy and ensuring your intentions are unequivocally understood by loved ones is critical.

Contact The Levy Firm PLLC in Fort Lauderdale for customized estate plans that are easy to understand and supported by a meticulous knowledge of the law. Specializing in wills, trusts, and probate, estate planning attorney Geoff Levy facilitates wealth transfers with clarity and foresight. Schedule a confidential free consultation for information specific to your situation.

“Friendly and personable, but at the same time frank and straightforward. Loved their approach.”
Jean P.

Florida wealth transfer plans

In the context of estate planning, “wealth transfer” refers to the process of passing assets and wealth from one generation to the next. It involves planning and implementing strategies for the smooth transfer of property, financial assets, and other valuable possessions in a tax-efficient manner. Depending on circumstances, transactions take place once or at various points in a person's lifetime or upon their death. This type of transaction can be accomplished through legal documents such as:

To take maximum advantage of the laws in the U.S. and worldwide, wealth transfer plans often unfold over years or even decades. Therefore, the sooner you have an estate plan that considers wealth transfer issues, the better.

Large and complex estates can benefit from wealth transfer planning

Wealth transfer planning can improve just about anyone’s legacy, but people who may get the most benefit from strategies include:

  • High Net Worth Individuals
  • Business Owners
  • Parents with Minor Children
  • Individuals with Charitable Intentions
  • Families with Complex Dynamics

Assets and property that high net worth individuals may consider including in their estate plan for wealth transfer in Florida include real estate, financial accounts, business interests, artwork, jewelry, antiques, insurance policies, trusts, and heirlooms.

Avoid these wealth transfer pitfalls

Many wealth transfer issues – like unfair tax burdens – can be effectively addressed and minimized through good estate planning in Florida. At The Levy Firm PLLC, our legal team can help you with effective estate planning solutions that seek to:

  • Avoid Probate. Ensure assets pass directly to beneficiaries outside of probate.
  • Minimize Taxes. Devise strategies to minimize estate and inheritance taxes.
  • Protect Assets. Utilize trusts and estate planning tools to protect assets.
  • Unambiguous Designations. Prevent disputes by clarifying beneficiary designations.
  • Second Marriages. Navigate complexities to provide for all beneficiaries.

By addressing these issues through thoughtful estate planning, you can protect yourself and your loved ones. Our South Florida wealth transfer attorney helps ensure the legal structure and contractual agreements associated with wealth transfers that accomplish your goals and adhere to the law.

Wealth transfer strategies

To maximize available strategies and minimize tax implications, ideally, you would want to start planning transfers well in advance. However, if you haven’t started, don’t worry. You can contact The Levy Firm PLLC at any time to take the first steps toward securing your legacy. Common elements in wealth transfer strategies include:

  • Annual Gift Exclusion. Staying under the annual gift tax exclusion cap by gifting assets to heirs up to the limit each year.
  • Family Limited Partnerships (FLPs) or Limited Liability Companies (LLCs). Transferring business or investment assets to an FLP or LLC facilitates a gradual ownership transfer to family members while maintaining control.
  • Irrevocable Life Insurance Trust (ILIT). Establish an ILIT to hold life insurance policies outside of the taxable estate, providing a tax-efficient way to pass on a death benefit.
  • Grantor Retained Annuity Trust (GRAT). Create a GRAT to transfer appreciating assets while retaining an annuity for a specified period, potentially minimizing gift tax consequences.
  • Dynasty Trust. Trusts that extend for multiple generations, preserving wealth and providing for beneficiaries over the long term.
  • 529 plan. Contribute to “529” education savings plans for grandchildren, leveraging the gift tax exclusion while supporting education goals.
  • Charitable Remainder Trust (CRT). Establish a CRT to benefit both a charitable organization and heirs, providing income to beneficiaries for a set period before the remainder goes to charity.

Geoff customizes each estate plan and wealth transfer to fit your exact needs and goals. He stays informed about changes in estate tax laws and leverages available exemptions to shield as much of your estate from taxation as possible.

South Florida wealth transfer FAQ

What is the best way to transfer wealth to heirs?

The best way to transfer wealth to heirs in Florida will depend on your individual circumstances, but will likely involve the use of trusts, wills, and strategic gifting strategies. Engaging in early planning, leveraging available exemptions, and considering tax-efficient tools like family limited partnerships or limited liability companies can optimize the wealth transfer process while minimizing tax implications.

How do you plan a wealth transfer?

Making an effective wealth transfer plan typically starts with an assessment of your assets and financial goals. From there, attorney Geoff Levy can explain factors like tax implications, family dynamics, and long-term objectives to create a comprehensive and customized wealth transfer plan.

Is there a property transfer tax after death in Florida?

Florida does not impose a state-level property transfer tax after death. However, the federal government does impose an estate tax on unprotected assets. This means that even in tax-friendly states like Florida, you must still make a solid estate plan to avoid severe government assessments.

Do beneficiaries pay taxes on inherited money?

In Florida, beneficiaries typically don't face state-level inheritance taxes, but federal gift or inheritance taxes may apply. Unplanned large gifts could jeopardize benefits for recipients on Medicaid or disability programs. Careful planning is essential to avoid unexpected tax burdens and potential loss of benefits for loved ones.

Secure your future: contact Geoff for a confidential free consultation

Wealth transfer planning is frequently complex. Tailoring legal documents to specific financial situation, family dynamics, and goals of the individual and loved ones involved can take time. That’s why it's important to get started on your plans now. Contact The Levy Firm PLLC in Fort Lauderdale to learn more about strategies that may work in your specific situation. There is no obligation to hire, just information you can trust from an attorney with over 10 years of experience in South Florida. Start your journey to a secure future today and call Geoff.

Free Consultation. Contact Us Today.
Se Habla Español
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.

    Free ConsultationClick Here
    SE Habla Español