Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

IRS announces proposed rules to collect more estate tax

Estate planning is about much more than deciding how your assets will be distributed upon your death. It also involves a considerable amount of financial planning in order to maximize the value of your estate.

For instance, many people take into account estate tax when they are making an estate plan. Estate tax is what you pay for the right to transfer property in the event of your death. States can impose their own estate tax, although Florida does not, but there is also a federal estate tax to consider. 

Most people will not have to worry about paying federal estate taxes because estates worth less than $5.45 million are exempt. However, if your estate is worth more than this, you will want to be aware of a big change recently proposed by the IRS.

The change is fairly complex and readers who are interested in the specifics of the proposed rules can read this article in The Wall Street Journal. Basically speaking, however, the change would make it more difficult for people to lower their federal estate taxes through lowering the value of assets like family-owned businesses. For better or worse, this is a fairly common strategy to minimize estate tax obligations, and now the Treasury Department and IRS want to shut this option down. Whether this will happen or not remains to be seen.

These types of changes can have a critical impact on a person's estate plan, which is why it can be essential that you are aware of them when you are creating or reviewing your own plan. 

However, revisions to estate tax laws can be very complicated and they don't always apply the same way for every person, as is the case with this most recent proposed change. Because of this, it can be a good idea to work with an attorney who is familiar with these changes and what they mean for individual estate plans.

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information

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.


Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Miami, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions