Tax Planning for People, Families, and Businesses In Florida

Estate and other transfer taxes can take a big chunk out of the assets and property that you want to be transferred to your loved ones when you’re gone. At Purcell, Flanagan, Hay & Greene, we help people and businesses plan for the future while also protecting their assets and minimizing tax liabilities. 

Wealth Transfer Tax Planning

Wealth transfer planning is a form of estate planning designed to help people decide ahead of time where they want their assets to go when they pass away and to structure those decisions in a way that minimizes estate, gift, and other taxes. This ensures that more of your estate will go to your loved ones or be distributed for charitable purposes.

Federal and state laws allow people to transfer a certain amount of assets without being subject to estate and gift taxes. However, those laws can be complicated and can change over time. It is essential to be aware of available tax exemptions and ensure that any plan you already have in place is updated as laws change. A Florida tax planning attorney at PFHG Law can advise you every step of the way.

Business Succession Planning

A small or closely-held business owner must have a plan for how operations will continue if they become incapacitated or die. We can help you explore tax-efficient options for selling the business or transferring control.

This analysis often begins with determining the right type of legal entity for the business — e.g., sole proprietor, limited liability corporation, partnership, or corporation — and the appropriate operational structure. It also requires considering the impact of mergers, acquisitions, and joint ventures on your succession plan.

Tax-Exempt Organizations 

Non-profit groups and other tax-exempt organizations offer an avenue for people who want to contribute to a specific cause without the tax burden that otherwise comes with transferring wealth. These contributions are often structured in the form of a charitable trust to benefit one or more organizations.

At PFHG Law, we can help you explore opportunities to make gifts to tax-exempt organizations. Our lawyers can also advise you on creating your own tax-exempt organization to achieve your philanthropic goals.

Tax-Deferred Exchanges 

Tax-deferred exchanges (also called “1031” or “like-kind” exchanges) are a valuable tool for limiting the tax burden on certain capital gains.

Generally, these exchanges allow a person selling real estate or another asset to defer the capital gains tax that would normally come with the transaction by investing any profit from the sale in a similar property of equal or greater value.

Documentary Stamp Tax Planning

Florida imposes a documentary stamp tax on certain documents related to real property located in the state, such as deeds, title certificates, and mortgages. 

These taxes can be avoided in certain situations, including by transferring the real property at issue to a trust or to a limited liability corporation that you own. A Florida tax planning attorney at PFHG Law can help you understand your options.

Speak with a Florida Tax Planning Attorney

The Florida tax planning attorneys at PFHG Law serve clients throughout Northern Florida and across the state. Our offices are conveniently located in Jacksonville’s Riverside, Ponte Vedra Beach, and Amelia Island. Contact us to schedule a free initial consultation with an attorney today.