Advanced Estate Planning


Sophisticated Estate Planning for Florida’s High Net Worth Families

High net worth individuals and their families often run into troubles when I t comes to estate planning. Advanced estate planning strategies might be required to face complex legal and tax issues. Sizable wealth comes with the risk of sizable taxation. Through our sophisticated estate planning work, our attorneys can help well-endowed individuals create a complete estate plan that will diminish the estate taxes upon their passing. We help our clients maximize the capital they pass on to impending generations.

At the law offices of David F. Anderson, P.A., we listen and do our best to understand the needs of you and your family. We want to know every detail of your unique circumstances to learn your personal estate planning and family goals. Once we have an understanding, we will use our unique and proven advanced estate tax planning strategies to protect your estate and makes sure that you are paying the slightest taxes possible.

Family Limited Partnerships in Florida or Other Strategic Jurisdictions

Limited partnerships are formed and managed under Florida Statute Chapter 620.A limited partnership is a type of partnership that consists of two classes of partners. These classes are general partners and limited partners. A general partner has the accountable for managing partnership business. All partnership debts are under the general liability of the general partner. They also control the partnership’s distributions, investments, and other business decisions. The limited partner, while maintaining an investment interest in the partnership, plays a passive role. Although there are two roles, a single individual is able to play both parts in a limited partnership. Alternatively, there can be many of each type of partner.

A family limited partnership (FLP) is a type of limited partnership that allows a family to move wealth from one generation to another. Family limited partnerships are holding companies that hold the property contributed by the members. FLPs allow families to pool their resources to lower accounting, legal, and investing costs. General partners are able to move assets while still retaining control. The limited partners, typically the children, have no control and cannot liquidate their partnership interest.

One of the main advantages of a family limited partnership is that the interests owned or transferred by a family member are valued at less than the assets would be valued if the partnership did not exits. This allows for transfer tax savings.

Qualified Personal Residence Trusts

A Qualified Personal Residence Trust (QPRT) is beneficial because it takes the value of a primary or secondary residence from your estate and removes it at a reduced gift tax value. This will then eliminate the worth of that property from your estate for estate tax purposes. The settlor transfers the residence to a trust, but keeps the right to use the property for an allotted amount of time. The home is relocated to the beneficiaries at a considerable reduction from the home’s actual value, causing the gift tax value to decrease substantially. 

Irrevocable Life Insurance Trusts

There is a tax fee for life insurance proceeds. An irrevocable life insurance trust (ILIT) is one way to take the insurance policy out of the deceased’s taxable estate. When you set up an ILIT, the ownership of your life insurance policies is transferred to the Trustee of the ILIT. Once transferred you will have given up your incidents of ownership along with the policies. You do not own the policies. Therefore proceeds can’t be taxed in your estate. When you die, the insurance proceeds will be deposited into the irrevocable life insurance trust. There they will be held for the benefit of your spouse. Upon their passing, the balance will pass to your children or other beneficiaries. The ILIT can provide your family with an instant source of cash that can be used to pay your estate tax bill.

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