Estate Planning & Probate Lawyer, Fort Lauderdale, FL

Florida Probate Assets and Exemptions — What to Know

How to maximize estate, gift, inheritance, and other tax exemptions

Using legal strategies to transfer taxable assets into tax shelters can lead to significant tax savings preserving more of your wealth for your heirs and beneficiaries. We can help. The Levy Firm PLLC has more than a decade of experience providing legal services in South Florida. We know how the law works and how to make it work for you. If you have assets that need protection, contact us for a confidential free consultation with probate litigation attorney Geoff Levy.

Probate assets in Florida

Probate is the legal process where a deceased person's assets are distributed, and debts settled under court supervision. Assets solely owned by the deceased or jointly owned without automatic transfer provisions are subject to probate. This may include:

  • Real Estate
  • Bank Accounts
  • Investments
  • Vehicles
  • Jewelry
  • Life Insurance Policies and Annuities
  • Some Foreign Property and Holdings

Probate-exempt assets in Florida

Some assets are traditionally exempt from probate and estate taxes and are inaccessible to creditors – but only if you know how to leverage the law to take advantage of tax breaks and shelters. Taking these assets out of probate can be a cost, time, and stress saver. There are some types of assets that, unless a petition for determination of exempt property is properly filed, Florida will consider you having waived your right to the exemption. Assets that, with work, may be exempt from probate include:

  • Household furnishings and appliances up to $20,000 in value
  • Two vehicles in the decedent’s name that were in regular use and weigh 15,000 lbs. or less
  • Qualified college and university savings accounts including Florida Prepaid College Trust Funds
  • Eligible retirement accounts such as 401(k)s with designated beneficiaries
  • Assets held in properly structured living trusts and annuities
  • Lady Bird and Enhanced Life Estate deeded property
  • Irrevocable trusts
  • Disability income benefits
  • Transfer on death accounts
  • Medical savings accounts
  • Florida Homestead properties
  • Hurricane savings accounts

Geoff Levy is your lawyer for life

The estate planning process can be complex and unforgiving of errors. The Levy Firm PLLC is here to offer clear, compassionate guidance every step of the way. We can give you the peace of mind of knowing your affairs are in order and your loved ones are taken care of no matter what the future holds.

If you are planning your final affairs in South Florida, contact us for a confidential free consultation to learn more about how the law applies specifically to your estate. Attorney Geoff Levy can explain how exemptions can protect your legacy for the next generation.

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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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