Fort Myers Estate Tax Planning Attorneys
Helping Your Loved Ones Benefit from the Most of Your Estate
When you’re preparing a comprehensive estate plan for your loved ones, it’s important to consider how taxes will play a role in your affairs after you pass on. The attorneys at Dorcey Law Firm, are prepared to help you preemptively handle how taxes will affect your estate once you pass on.
What people often deem as an “inheritance tax” or “death tax” is actually a series of three taxes regarding the transfer of wealth from an estate to its beneficiaries. These taxes are the estate tax, gift taxes, and generation-skipping transfer taxes. Each tax can have important implications for you and your loved ones, which your estate tax planning attorney in Fort Myers can explain further.
What 'Portability' Means for You & Your Spouse
Consult with your attorney to find out how your estate plan and gifting can function under portability. Portability is a relatively recent concept in estate planning that allows a surviving spouse to inherit the deceased’s tax exemption without using “A-B Trust” planning. In order to qualify for this inherited exemption, however, you must file certain paperwork and meet other requirements. Speaking with our estate tax planning attorneys in Fort Myers can help you understand how portability can impact your estate plan.
Is Your Estate Eligible for Tax Exemptions?
While taxes may be a certainty in life and for many estates, there are four important exemptions that can apply to your situation:
- The federal estate tax exemption
- The lifetime gift tax exemption
- The annual gift tax exclusion
- The generation-skipping transfer tax exemption
The Lifetime Gift Tax Exemption
As of 2023, the lifetime gift tax exemption is set at $12.92 million. This means that over the course of your lifetime, you can gift this total value before a gift tax is triggered. For married couples, each spouse is each permitted the $12.92 million limit, which means that together a couple can give away $25.84 million before a gift tax must be paid.
Experiences From Our Happy Clients
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It is so important to have an elder law attorney engaged and able to help you plan through those years when your parents need care. Brian Bronsther at Dorcey is amazing!- Keith Q.
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“Mike Scott and his team of professionals regard every matter that comes through their doors as their own.”- Shane A.
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“- Diane C.”I received a full hour of education on multiple Florida estate laws, etc. I learned so much as Mike explained every option and avenue to me. I never felt rushed or pressured!
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We had been looking for a law firm to help us with asset protection and revamping some trusts. We had met and worked with several lawyers but in the end were very disappointed. We happened to accept an invitation to meet Josh Dorsey and Michael Scott at a presentation of the company. We were extremely impressed and have been more than pleased ever since. They listened to our concerns and needs and devised a plan to meet all of them and explain additional documents that were extremely important. To this day, I am so thankful we are working with this firm and would highly recommend them.- Cynthia A.
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