So, the Internal Revenue Service extended the deadline to file your 2011 tax returns for an additional two days. April 15 falls on a Sunday followed by Emancipation day on Monday. So for the procrastinators in South Florida, you are saved.
Unfortunately, when it comes to estate planning, you can’t take a holiday from death or request an extension. Procrastination can have deadly financial effects on your family if you keep making excuses or finding distractions to prolong this crucial process.
It is easy to neglect this concept now especially when we’re too busy filling out our 1040 forms. But doesn’t the pain of increasing income tax just make your head spin with thoughts of tax and more tax? Think about it for a minute. Although, Florida does not require state income tax, homeowners must pay property taxes. Also, Florida has a general sales tax of 6 percent. Don’t forget capital gains tax.
People rarely stop to consider another very important category of taxes.
Federal Estate Tax.
This is a tax imposed on property passed from deceased individuals to their heirs or beneficiaries. In 2011, estates worth more than $5 million were prey to Uncle Sam’s hungry appetite for freshly picked greens. However, although frequently overlooked, estate tax can be substantially reduced with the guidance of a highly qualified and experienced South Florida estate planning attorney.
South Floridians have to pay enough taxes. Why carry an additional burden when you might not have to? Without a proper plan, family members will be financially drained. The Fort Lauderdale law firm of Wild, Felice and Partners employs a wide array of successful techniques including trust formation, insurance benefits protection, and charitable gifting to strategically limit heavy taxation and save your loved ones hundreds of thousands of dollars.
While you may never get out of paying your income tax, you may get out of paying too much estate tax. But you have to act fast or you could end up taking a permanent vacation from life… leaving your loved ones in despair.
For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at firstname.lastname@example.org to schedule your free consultation.
It’s a Wild world. Are you protected?