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Central Florida Tax Planning Attorneys

Not everybody is fortunate enough to have to worry about the federal estate tax, but nearly everyone can benefit from some form of tax planning. At the Millhorn Elder Law Planning Group in The Villages, we help clients throughout central Florida make sense of the tax implications of the various estate planning options they have before them. Our goal is to help you meet your estate planning needs while making the most of any tax advantages available to you and your beneficiaries.

Dealing with the Estate Tax for large estates in Florida

Florida does not have an estate tax, so all you have to worry about is the federal estate tax. While the federal estate tax rate can be quite high (as much as 40% of the taxable estate), the first five million dollars and more of a person’s estate is exempt from the federal estate tax. When you consider that each spouse in a marriage has a greater than $5 million exemption ($5.43 million in 2015), your estate can be valued at nearly $11 million without having to pay a penny in estate tax. For larger estates where estate tax liability could be incurred, there are a number of legal tax shelters and estate planning tools, such as irrevocable trusts, that can be used to minimize or bypass the estate tax.

Tax Planning for the rest of us

There is more to tax planning than worrying about the estate tax. Estate planning may offer numerous income tax planning opportunities for you and your heirs. As part of the estate planning process, we will help you consider how any of the following may apply to you, along with the tax implications depending upon how you shape your estate plan:

  • Capital gains
  • Generation skipping transfers
  • Distribution or inheritance of IRA accounts
  • Social Security income
  • Interest-earning accounts
  • Investment property

Practical Tax Law and Tax Planning Advice from Knowledgeable Florida Estate Planning Attorneys

Whether you are planning for retirement or already retired, we can help you create and implement a distribution plan that is sensitive to the tax consequences for you and your family. In The Villages and central Florida, call the Millhorn Elder Law Planning Group for a free consultation.

Questions and Consultations are ALWAYS Complimentary for our Clients, Their Families and Their Advisors

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