L. Bruce Swiren, P.A., Attorney at Law Free Initial Consultations
877-806-7949 407-287-5137

Menu

Protecting Your Legacy
For more than 35 years, individuals, families and businesses in Florida have relied on our law firm for help. You can too, call today for a free initial consultation.

How to protect a Florida estate from taxes

When actor James Gandolfini died at the age of 51 in 2013, he left nearly 80 percent of his $70 million estate unprotected from estate taxes. Because of his lack of proper planning, his estate faced state and federal estate tax rates as high as 55 percent altogether. However, there are ways to ensure that an estate is not hit with such a high tax burden after an individual passes away.

One way to protect an estate is to create a charitable trust, and there are two types of trusts that may be created. The first option is to create a charitable lead trust, which then sends a certain amount of money each year to a designated charity. After a specified number of years, the property is then returned to either its owner or a beneficiary. If such a trust is created when an individual dies as part of the testator's will, the estate claims an estate tax deduction for the value of the amount donated in future years.

Another option is to create a charitable remainder unitrust. Under such an arrangement, assets are donated to charity when the individual dies, but he or she is allowed to benefit from those assets while alive. With a CRUT, people may be able to lower their taxes while increasing income and leaving behind a legacy of giving.

Those who are interested in estate planning for the future may wish to talk to an attorney. In addition to discussing strategies to lower prospective tax burdens, a power of attorney may be suggested as a way to allow a trusted individual to make financial decisions if the principal becomes incapacitated and is unable to do so.

No Comments

Leave a comment
Comment Information

Protecting Your Legacy
For more than 35 years, individuals, families and businesses in Florida have relied on our law firm for help. You can call today for a free initial consultation.

Meet Our Team of Attorneys

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.