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

Can you reduce estate taxes?

Florida residents who are the recipient of an estate will likely have to deal with some form of estate tax, whether it's a death tax or an inheritance tax. But are there ways that you can reduce said taxes? We at the Law Offices of Frye & Vasquez, P.L., will walk you through your options.

There are, in fact, legal ways that you can reduce estate taxes. A couple of them involve transferring assets as gifts. One type of transfer is known as a uniform transfer to minors, in which the gift is given to whoever is the child's custodian. They will then use it on the child's behalf until the child is of legal age and able to take over the assets for themselves.

Another type is known as a lifetime gift to children and grandchildren. Annual gifts of up to $12,000 can be given to your children and/or grandchildren without incurring any taxes. This is limited by person rather than by household, meaning multiple people in one house can be receiving $12,000 in untaxed gifts.

Marital transfers allow you to avoid taxes as well. Only spouses who are noncitizens will be taxed. Estate taxes must still be paid by the spouse on the taxable estate, however, meaning the taxes are simply deferred rather than eliminated.

Family limited partnerships are available if you have a business in the family and intend to pass it on to the next generation. This allows the partnership to be taxed at the children's lower rates. There are other options for reducing estate tax as well, which you can view on the web page linked here.

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