Creating A Strategy For Your Legacy: Gifts And Estate Tax Planning In South Florida
As an estate planning lawyer, I help individuals and families throughout South Florida plan for their future. My name is Nelson C. Keshen. From my office in Miami, I help my clients minimize their estate tax risk to protect and preserve their assets and legacies for their loved ones.
Why Are Giving Gifts An Important Part Of Your Estate Planning Strategy?
Making monetary gifts and distributing your assets during your lifetime can be a smart estate planning strategy. By transferring assets to your loved ones while you are still alive, you can reduce the size of your estate, which can help minimize estate taxes. Additionally, gifting can also help you provide for your family and support charitable causes.
What Are The Rules For Gift Giving?
When it comes to gifting, there are rules to follow to avoid tax implications. In Florida, there are no state gift taxes, but there are federal gift tax laws that apply. The annual gift exclusion allows you to give up to a certain amount to each recipient without incurring gift taxes. Currently, that amount is $19,000 per recipient. If you exceed this amount, you will need to file a gift tax return and may be subject to taxes.
How Do You Plan For Potential Changes In Estate Tax Laws Regarding Gifts?
Estate tax laws are subject to change, and it is crucial to stay informed about any updates that may affect your estate plan. As your estate planning lawyer with more than 40 years of experience, I keep myself up-to-date on the latest changes and can help you adjust your plan accordingly. By building flexibility into an estate plan, you can protect your gifts and achieve your estate planning goals, even though the laws are ever-changing.
Understanding Federal Estate Gift Taxes
Federal estate and gift taxes are imposed on the transfer of assets during your lifetime or at death. However, there is a lifetime exemption that is established every year. For example, in 2026, this exemption will be $15 million, which means you can transfer up to this amount without incurring federal gift taxes. Additionally, there are annual exclusions, as mentioned earlier, which allow you to make tax-free gifts to your loved ones. These amounts can change from year to year. An experienced gift and estate tax planning lawyer can help you understand the amounts from year to year.
Speak With A Miami Gift And Tax Planning Lawyer
Giving gifts is an important part of an estate planning strategy when there are significant assets and wealth. I am available by appointment for consultations to discuss your goals and create a personalized plan that meets your needs. To schedule a consultation, please call me at 305-517-3577 or send me a message through my website.