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Tampa Tax Planning Attorney
Tampa Estate Planning & Probate Attorney / Tampa Tax Planning Attorney

Tampa Tax Planning Attorney

Estate planning is not simply a matter of selecting who will inherit your property when you die. You also need to consider the potential tax implications of your estate planning as well. For instance, if you are a high net-worth individual, you need to take certain steps now to reduce the amount of estate tax that might come due upon your death.

Indeed, estate and tax planning go hand-in-hand. A qualified Tampa tax planning attorney can explain all of your options and help you choose the right one for your financial situation. Knudsen Law is a full-service Florida estate and probate firm that advises clients on a wide range of tax planning and legal tax avoidance strategies.

What Taxes Could Affect Your Florida Estate Plan?

You spend your entire life earning income and paying taxes on that income. Unfortunately, these tax obligations often do not end at your death. Here are just a few of the tax planning issues you may need to consider:

  • Estate Tax: The federal government levies a tax on the transfer of your property at the time of your death. This tax can be as high as 40 percent. Fortunately, the federal government exempts a large portion of your estate, up to $13.61 million for individuals who die in 2024. This exemption is doubled for married couples.
  • Gift Tax: While the estate tax covers the transfer of property at death, the gift tax covers property that you give away during your lifetime. Federal law allows you to give up to $18,000 in tax-free gifts per person per year. There is also a lifetime gift tax exemption that matches the federal estate tax exemption.
  • Generation-Skipping Transfer Tax (GSTT): This is a tax that applies on gifts and other transfers of wealth to persons who are more than one generation younger than you–e.g., your grandchildren–or unrelated persons who are more than 37.5 years younger than you. The GSTT has similar exemptions to those used in the federal estate and gift taxes.

Depending on what you own and your estate planning needs, there may be a number of ways to reduce–if not eliminate outright–any of these tax obligations. Such strategies include making gifts during your lifetime that fall within the gift tax exemption, making donations to charitable organizations, and even transferring certain assets to irrevocable trusts. When properly implemented, these tools can reduce the size of what the IRS considers your “taxable estate,” and it can help to ensure that more of your hard-earned money goes to the people and causes that you care about.

Our Tampa Tax Planning Lawyers Can Help

Tax planning is never a simple matter, especially given that laws and regulations change with frequency. A skilled Tampa tax planning attorney can help keep you up-to-date on these changes and make sure your estate plan puts you and your family in the best financial position moving forward. Contact Knudsen Law today at (727) 398-3600 to schedule a consultation.