Larry F. Witte

Estate Tax Planning

Skilled Lighthouse Point Federal Estate Tax Planning Lawyer Assists Clients Throughout the Sunshine State

Larry Witte helps Floridians protect and preserve their wealth

If your estate is large enough, it may trigger the federal estate tax and cost your beneficiaries significant money. Larry Witte at the Law Offices of Larry F. Witte, P.A. in Lighthouse Point may be able to help you reduce your estate tax exposure through careful planning, including business succession plans and wealth transfers to your eventual beneficiaries. We assist clients throughout Florida with all of their tax planning needs.

About the federal estate tax

While Florida does not have an estate or inheritance tax, your estate may be subject to the federal estate tax. The tax exemption — $12.06 million per person in 2022 — is adjusted each year for inflation. When estate owners die, any monies left to beneficiaries beyond this amount may be subject to the federal estate tax. That rate may also adjust annually, and it hit 40 percent in 2020. There are legal ways to reduce the size of your estate and help you keep it within the exemption amount. Larry Witte will advise you about the federal estate tax and ways to reduce taxable assets based upon your individual situation.

How we help clients protect their wealth

Tax law and the deductions you are allowed to take to reduce federal estate taxes and other tax obligations can be very complicated, especially for wealthy individuals and families with an array of high value assets. Larry Witte assists clients by structuring business transactions, planning their charitable giving and advising on income and estate tax matters. We are diligent in working to minimize the impact of estate taxes, income taxes, gift taxes and generation-skipping transfer taxes for clients and their beneficiaries. We can help you take advantage of applicable tax credits, deductions, exemptions and elections so that you can transfer your wealth with maximum benefit for your business, your family and your philanthropic beneficiaries. After we understand your financial circumstances, we will discuss possible options for reducing your tax obligations.

Taxation planning advice from an experienced professional

Larry Witte provides in-depth and educated advice to individuals, executors, trustees and businesses on a wide range of tax-related issues. Our full-service estate and tax planning law firm represents clients in matters involving federal estate tax, federal gift tax, personal and business income tax, capital gains tax and generation-skipping tax matters. We also provide guidance on a wide range of other tax-related issues, such as:

  • The stepped-up cost basis for inherited assets
  • Alternate valuation elections to potentially lower estate taxes
  • Revocable, irrevocable, grantor and charitable trusts
  • Business taxation for S-corporations, limited liability corporations, partnerships and other entities

Understanding the tax consequences of the financial decisions you make, especially those involving bequests and gifts, will allow you to preserve your wealth so you can pass it on to your chosen beneficiaries. Larry Witte will provide you with seasoned advice and sound planning guidance that makes it possible.

Contact a seasoned estate tax planning attorney in Florida today

The Law Offices of Larry F. Witte, P.A. in Lighthouse Point helps clients with their tax planning needs, including providing advice for reducing exposure to the federal estate tax and other tax liabilities. Call our law firm at 954-919-2438 or contact us online to schedule a consultation.