West Palm Beach Estate Tax Attorney
Estate Planning Tax Attorneys Serving West Palm Beach & Palm Beach County
You have worked your whole life to provide for your family and you want the comfort that comes with knowing that, after you are gone, the wealth that you have accumulated will be there to continue to support them. The Law Offices of Larry E. Bray, P.A., located in Boca Raton and West Palm Beach, develops comprehensive estate plans for South Florida residents. One of the primary aims of estate planning attorney Larry Bray is to minimize the estate tax liability for his clients. With proper planning and the utilization of some of the tax resistant financial instruments that are available to you, attorney Bray can help you develop an estate plan that transfers the bulk of your wealth to your loved ones and not to the IRS. Contact one of our West Palm Beach estate tax attorneys to discuss tax resistant estate planning.
Minimizing IRS Estate Taxes With A Proper Estate Planning Tax Attorney
In the state of Florida, when an individual passes, the net value of his or her estate is taxed by the Internal Revenue Service. There are, however, legal ways to minimize the tax liability on your estate. For instance, the US Tax Code allows for an alternative valuation date. This permits the decedent’s assets to be valued using a date other than that of his or her death. In a declining market, this reduces the tax base of the estate. For instance, if among the decedent’s assets there was a West Palm Beach residence valued at $500,000 at the date of death, but the value fell to $400,000 six months later, using the alternative date valuation date, the calculation for the estate taxes could based on the lower amount.
Another way that estate planning attorneys, like Larry Bray, help clients to avoid the impact of the estate tax is to establish an irrevocable trust. When planning their estates, most individuals have certain assets earmarked for family members or friends. By transferring the assets to an irrevocable trust, the terms of which can be established at the time of its formation, the principal can avoid estate taxes on those assets at the time of death.
These are just a few of the techniques that the Law Offices of Larry E. Bray, P.A. can use to minimize the tax liability on your estate. Contact one of our West Palm Beach Estate Planning attorneys to learn about other aggressive strategies to maximize the transfer of your wealth to your survivors.
Professional and Experienced West Palm Beach Estate Tax Attorney
If you do not currently have an estate plan, you need to contact attorney Larry Bray at your earliest convenience. Do not let procrastination or apprehension delay such an important precautionary measure. To schedule an appointment with one of South Florida’s premier estate planners, contact the Law Offices of Larry E. Bray at (561) 296-5291.