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

How to lower estate tax

One of the reasons a Florida resident should strongly consider completing an estate plan is that it's an effective way to lower potential estate taxes faced by heirs. Someone who intends to leave substantial assets to their heirs should consult with an estate planning professional who can develop wise tax strategies.

One way to lower estate taxes is to use the annual gift tax exclusion. Each individual in the United States can give away as much as $15,000 in assets annually without triggering gift taxes. There is also the $11.2 million lifetime estate tax exemption. An individual can use the exclusion and exemption to remove certain assets from their estate during the course of their life. This will reduce the amount of estate taxes that will have to be paid by heirs.

An individual who has charitable causes that they hold dear can allocate assets for these causes and reduce estate taxes at the same time. A charitable lead trust can be used to give away over $15,000 each year. This type of trust is particularly beneficial for estates that have appreciated assets that hold a low basis.

An individual can use a CLT to issue fixed annuity payments to a charitable entity for a specific number of years. After the period of disbursement is over or after the estate owner dies, the remaining assets in the trust will be transferred to the beneficiaries. One can also use a CLT to reduce the amount of their income taxes by claiming a tax deduction in the year that they fund the trust.

An estate planning attorney may explain strategies to use to lower estate taxes. Lowering potential taxes is a major benefit of a thorough estate plan.

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