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

Avoiding estate and gift taxes

Florida residents who have substantial assets might need to navigate the federal estate and gift tax laws. While these laws will not impact many people, they can affect the estates of very wealthy individuals.

The Tax Cuts and Jobs Act was passed in 2017. Part of that law included an increase of the federal estate tax exemption, and the exemption is adjusted annually for inflation. Currently, the exemption is $11.58 million per person. For married couples, that means their federal exemption is double that amount. The marital deduction can be transferred to a U.S. citizen spouse tax-free. While several states have a separate estate tax, Florida does not. This means that residents of Florida whose assets are located in the state will only need to concern themselves with the federal estate tax exemption.

Very wealthy individuals whose estates exceed the federal exemption limit might do a few things to fit within the exemption. If they do not, transferring their estates to their children may come with a hefty tax bill of up to a maximum of 40%. One way to reduce the size of the estate is to make gifts. However, there is an annual gift limit of $15,000 per recipient without triggering the gift tax. Charitable contributions, gifts to political organizations, and paying the educational expenses of others are all ways to reduce the size of an estate without triggering taxes.

While most people will not have to worry about the estate tax, those with very large holdings might benefit from talking to experienced estate planning lawyers who may explain various strategies for shielding their clients' estates from the estate and gift taxes. They might help their clients establish trusts, plan gifts and charitable contributions, and engage in other actions to protect their clients' interests.

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