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Aventura Corporate Center
20801 Biscayne Boulevard
Suite 400
Miami, FL 33180

305-932-2293 Miami-Dade County
954-760-7077 Broward County

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Cut your taxes through estate plan strategies

New research shows that even though Uncle Sam has chosen to increase tax rates among wealthy Floridians, few intend to willingly pay more estate taxes than they had previously planned for. Experts in the field of estate planning are providing a variety of strategies to help avoid unfair taxation during the administration of a will. If you are looking to protect your assets after your death -- and even while you are still living -- consider these helpful estate planning techniques.

For most people with more than $25 million net worth, the answer is easy: Purchase more tax--free bonds. About two--thirds of these ultra--rich individuals tend to invest in the bonds, largely because they are safe and protected from additional tax penalties. Still, bonds provide little in return because of today’s low rates, so they are primarily beneficial for those not seeking additional revenue.

Many wealthy Americans are also focusing on fixing their estate plans to maximize their tax benefits. More than half of this population, in fact, is revisiting estate documents to look for extra tax savings. IRS rules have settled on taxing those with more than $5 million in assets after death, a rule that could prompt some to transfer their holdings into various types of trusts.

Finally, nearly half of the wealthy set intend to lower their tax rates by providing contributions to their favorite charities. The charitable deduction has decreased, though, leaving the effectiveness of this strategy up for debate within estate planning circles.

If you are a high net worth Floridian concerned with potential tax burdens associated with your estate, you should contact a probate attorney to help manage your holdings. Attorneys can work in tandem with financial planners to help you get the most for your money through both your will and other estate documents. These lawyers can also help you understand your rights and responsibilities as related to the estate planning process, making sure your heirs’ minds are at ease after you pass.

Source:  millionairecorner.com, "How do the wealthy plan on decreasing their taxes?" Catherine McBreen, Apr. 24, 2013