ESTATE PLANNING IN MIAMI BEACH, FLORIDA, HOW DO I SAVE MONEY ON MY TAXES?
If you want to save on taxes and enjoy an easier lifestyle, then move to Florida. Florida has no state estate death tax, no income tax, and warm weather year-round. Thus, Florida is the best state to live and enjoy a great life and when you die less taxes will be owed.
WHAT ARE THE FEDERAL TAX LAWS IN 2023?
The gift tax annual exclusion and the gift and estate tax exemption increased significantly for 2023. The gift tax annual exclusion, the amount you may give each year to individuals and certain trusts tax-free without using any of your gift and estate tax exemption, increased from $16,000.00 to $17,000.00 for 2023. The gift and estate tax exemption, the amount you can transfer during your life or at your death without incurring gift or estate tax, increased from $12.06 million to 12.92 million.
HOW DOES THE GIFT TAX ANNUAL EXCLUSION AND THE GIFT AND ESTATE TAX EXCLUSION EFFECT MARRIED COUPLES?
A legally married couple receives double the benefit for both of these. Thus, $34,000 per year per married couple for the gift tax annual inclusion can be given to their children or loved ones; and $25.84 million per married couple can be used towards their gift and estate tax exemption during life or death in 2023.
DO THESE FEDERAL TAX LAWS EVER CHANGE?
Yes, the Florida tax laws are constantly changing. Sometimes, they are adjusted for inflation, yet sometimes the laws are changed drastically. For example, in my 27 years of practicing law, the numbers have changed many times, from a small exemption amount of $500,000.00 to the many millions it is today. In 2025, the current tax laws are set to sunset, thus, forcing further legislation. By making lifetime gifts today, either outright to an individual or in a trust, you can maximize both your gift tax annual exclusion and your gift and estate tax exemption amount.
WHY SHOULD I USE ALLY M. GLASER, PA TO HANDLE YOUR WILLS AND TRUSTS, ESTATE PLANNING IN MIAMI BEACH,FL AND MIAMI-DADE AND BROWARD PROBATE MATTERS?
As a Miami Beach Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach, Florida with over twenty-seven years of experience and both a Psychology and Law degree, I handle these matters with knowledge and sensitivity. I am familiar and comfortable with both the Miami-Dade probate court system and Broward County probate court and know how to get things done. Additionally, because I do both estate planning and probate law, I am familiar with the challenges of each and provide my clients with additional protections. Call or email me today to discuss your Miami Beach, Florida Estate Planning, Wills and Trusts and Miami-Dade County, Florida Probate matters. I am happy to help you and your loved ones during this important process.