Transfer of Wealth

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Jacksonville Estate Planning Lawyers Explain How The Transfer of Wealth Can Be Efficient and At The Least Cost in Taxes and Professional Fees

Basic estate planning is focused on the use of a last will and testament or revocable living trust as the foundation for planning your estate. If you have accumulated a larger estate that may be subject to Federal or Florida estates taxes, it is necessary to consider more sophisticated estate planning and wealth transfer tools, both because of the potential impact of Federal estate taxes, the desire to avoid the death tax, Florida estate taxes, and the need to provide additional structure or control over the distribution of your estate assets.

When moretransfer of wealth attorneys lawyers in Jacksonville, Florida sophisticated estate tax planning is appropriate or desirable to maximize the transfer of wealth, there are a number of different trusts and other tax planning techniques that may be appropriate for your Florida estate planning so that you can avoid probate and avoid the estate tax. You will find it beneficial to obtain legal advice from your Jacksonville estate planning attorney and asset protection lawyer at The Coleman Law Firm, to assist you in determining which of the many techniques are most appropriate for you, your family, and your circumstances.

Various types of irrevocable trusts, or non-revocable trusts, are available for consideration. These include, the Florida irrevocable life insurance trusts (ILIT), private annuity trusts, qualified personal residence trusts (QPRT), Retirement Plan trusts, Intentionally Defective Grantor Trusts (IDGT), Grantor Retained Annuity Trusts (GRAT), Domestic Asset Protection Trusts (DAPT),charitable remainder trusts (CRT), charitable lead trusts (CLT), and other types of Florida trusts that are used for specific purposes. For instance, if a spouse is not a U.S. citizen, it is important to consider the use of qualified domestic trusts (QDOT) to avoid unnecessary Federal estate taxation immediately upon the death of the U.S. citizen spouse. Estate planning needs, estate tax and income tax issues, and asset protection needs should always be considered by your Jacksonville estate planning lawyers or trust attorneys when doing such planning.

Other estate planning techniques can be used where there is a need that may be unrelated to Federal estate taxes or pure estate planning objectives, such as wealth preservation and asset protection planning objectives. These techniques include family limited partnerships, limited liability companies, self-cancelling installment notes, beneficiary controlled trusts, domestic asset protection trusts , premarital agreements, post-marital agreements, shareholder’s buy-sell agreements, long term care contracts, personal care contracts, and many others. Many of these estate planning techniques have benefits from an asset protection perspective as well as estate planning.

The important point to remember as you move through your estate planning process is that your estate plan should deal with your objectives, goals, desires, fears and concerns. It should be as individual as you and your family, so that your unique estate planning, wealth transfer, and asset protection needs are appropriately addressed and dealt with effectively.

If you would like to consult with our Jacksonville estate planning attorneys to learn how the transfer of wealth can be accomplished efficiently and at the lowest possible costs for professional fees and taxes, please call our office to schedule an appointment at (904) 448-1969, or toll free at 886-510-9099, or email us at

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Copyright 2019. All Rights Reserved. The Coleman Law Firm, PLLC

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