Broward County Estate Tax Planning Lawyer

One of the best ways for a person to preserve their wealth and pass it on to their heirs is through creating a comprehensive estate tax plan. If you’re looking to create a comprehensive tax plan to arrange your assets and affairs in a way that minimizes the impact of federal and state taxes on your estate, contact a seasoned Broward County estate tax planning lawyer from The Probate Lawyers today.

Should I Hire an Estate Tax Planning Lawyer?

One of the most common misconceptions about estate tax planning is that it is only for the ultra-wealthy. This is untrue. By creating a comprehensive estate plan, you can maximize the assets your beneficiaries will receive upon your passing, support charities or worthwhile causes, protect your assets from creditors, avoid probate, protect your privacy, and more. Having a comprehensive estate tax plan in place can, ultimately, ensure you and your loved ones get the most out of your estate.

Estate Tax Planning in Florida

The federal estate tax is a tax imposed on the value of your assets that exceed a certain amount when you die. The federal estate tax rate ranges from 18% to 40%, depending on the size of the taxable estate. On the other hand, the state estate tax is a tax imposed by some states on the value of your assets that exceed a certain amount when you die. The state estate tax exemption and rate vary by state, and some states do not have an estate tax at all.

Fortunately, Florida does not have a state estate tax, which means that Florida residents do not have to worry about paying any state taxes on their estates. That said, Florida residents may still be subject to the federal estate tax if their estates exceed the federal exemption amount, which, as of 2023, is $12.92 million. Notably, however, this varies from year to year.

Common Components of Estate Tax Planning

As you can imagine, a lot goes into estate tax planning. Just some of the things you and your Broward County estate lawyer can incorporate into your estate tax plan, depending on your financial circumstances and wishes, are as follows:

• Making lifetime gifts to your beneficiaries or charities
• Creating trusts for yourself or your beneficiaries
• Using life insurance policies or annuities
• Taking advantage of marital deductions or portability
• Establishing family limited partnerships or LLCs
• Valuing or discounting your assets

Contact a Broward County Estate Lawyer Today

If you wish to have an estate tax plan that maximizes what your beneficiaries receive upon your passing, look no further than The Probate Lawyers Contact us today so we can get started working on your case.