Customized, Strategic Gift Plans by Attorney Geoff Levy
Our goal is to minimize tax risk while maximizing legacy assets
Looking out for your loved ones' financial well-being in South Florida? Exploring the idea of giving away assets now can be a thoughtful strategy. However, without a careful gifting plan, you might encounter unexpected taxes that could influence your family's financial journey. Estate plans that include gift strategies can reduce this risk. Benefits may include:
- Wealth Preservation
- Financial Security
- Reduced Federal Tax Risk
- Maintain Beneficiaries’ Benefits Eligibility (Medicaid, SSI)
At The Levy Firm PLLC in Fort Lauderdale, estate planning and probate attorney Geoff Levy can help you avoid unintended financial harm to loved ones by providing guidance on strategic gifting, assessing potential tax implications, and ensuring gifts align with your intentions. If you are interested in learning about how estate laws and planning strategies apply to your specific circumstances, contact us for a confidential free consultation.
What is the gift tax?
The federal gift tax is imposed on property transfers where the donor receives nothing or less than full value in return. While the donor is typically responsible for paying the tax, there are special arrangements where the beneficiary may agree to cover it. The tax can be applied annually as well as over a lifetime. Taxable gifts can include property, money, or loans made at less than full value, but exemptions and exclusions offer some relief. At The Levy Firm PLLC we can help ensure you take full advantage of the annual and lifetime gift tax exclusions.
Are there different types of gifting strategies?
Yes. Gifting strategies are integral to Florida estate planning and a comprehensive estate plan may leverage or involve gifts that:
- Utilize annual gift tax exclusions by gifting assets to each future beneficiary.
- Establish Crummey Trusts to allow beneficiaries a limited window to access transferred assets, qualifying for the annual gift-tax exclusion.
- Form multi-member LLCs to own family assets, allowing discounted valuations on membership interests transferred as gifts.
Consult with Florida estate planning attorney Geoff Levy to determine what level of strategic gift planning is right for your estate.
Long-term considerations
Strategic gifts, when appropriately implemented, can effectively minimize future estate taxes and ensure assets benefit intended recipients. Just about anyone can use structured gift strategies to preserve their legacy. Strategic gift planning is for:
- High-Net Worth Individuals
- Business Owners
- Parents
- Charitable Contributors
- Families with Complex Dynamics
Secure your future with a call to Geoff
The Levy Firm PLLC is committed to drafting personalized estate plans with smart gift strategies. If you are making plans or need help getting started, contact Geoff at The Levy Firm PLLC for a free consultation.