An experienced business attorney can help you keep more of your income, protect your assets, and prepare for personal and business growth. At France Law Firm, our tax attorneys and business law attorneys help Florida businesses and families create proactive strategies that deliver lasting financial benefits.

What Early Tax Planning Really Means for Tallahassee Businesses and Families

Everyone knows to gather receipts in February and March and hire a tax accountant in the spring. It’s something you should do year-round so you understand how legal, financial and personal decisions will affect your tax position before it’s too late to make changes. This also means retaining an experienced tax attorney who can advise you on the best tax strategy for your situation.

Tax preparation focuses on compliance, including filing accurate tax returns and meeting deadlines, while early tax planning focuses on strategy. It anticipates how you should legally reduce your tax burden to position yourself for stability and growth.

Working with a business tax attorney ensures your plan integrates with your overall legal structure. It can mean restructuring your entity, deferring income, optimizing asset depreciation or aligning business budgeting with long-term financial goals. When you plan your taxes early, you have time to change factors that could decrease your tax bill.

How Early Tax Planning Benefits Tallahassee Businesses

Business owners face unique tax challenges, including managing operating expenses and meeting federal and state obligations. The earlier you plan, the more flexibility you have in reducing taxable income and maximizing deductions.

Many tax-saving strategies have a deadline of December 31, including purchasing new equipment, pre-paying certain expenses, and contributing to employee retirement plans. A business tax attorney can help you identify industry-specific deductions and credits.

Additional strategies may include:

• Proactive planning to avoid penalties and cash flow issues
• Ensuring you have the correct entity structure, e.g., corporation, LLC, non-profit, S-Corp, as they are taxed differently
• Strategically planning for employee compensation, e.g, coordinating financial and legal strategies for compensation packages

How Early Tax Planning Protects Families

Tax planning isn’t only for business owners. It’s also crucial for families. Without careful planning, your interconnected business and personal finances can create unexpected tax burdens. An experienced business tax attorney can help:

• Coordinate personal and business income
• Reduce estate and inheritance taxes
• Optimize retirement and education savings
• Protect family assets through legal structuring

Common Mistakes to Avoid

Even well-intentioned business owners and families can make preventable errors that could cost thousands of dollars every year. Some of the most costly mistakes include:

• Waiting until filing season, as most savings opportunities have expired
• Ignoring life changes such as marriage, divorce, new children, children going out on their own, real estate purchases, and adding business partners
• Failing to seek professional help, as do-it-yourself tax software often does not identify complex savings related to business ownership, estates, and trust considerations

The best time to start tax planning is before the year’s last quarter, though working with an experienced tax attorney year-round allows you enough time to make strategic investments or change your tax structure and capitalize on credits.

We work with accountants and financial advisors, and we use our attorney’s estate planning experience to deliver the best strategies to reduce your tax liability. Whether you operate a family-run company or a growing enterprise, we can help you navigate Florida’s complex tax landscape.

Don’t Wait Until Tax Season—Secure Your Business and Family’s Financial Future Today!

Instead of letting another tax season catch you by surprise, contact France Law Firm at 850-224-1040 or by filling out our online contact form to implement a proactive tax plan that protects your business and your family’s financial future.

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An accident or an unexpected illness can render you incapacitated or take your life at any time. Even if you have one bank account, a car, and some personal belongings, and are too young to have a substantial retirement account or bank accounts, your estate must still go through probate—unless you have an estate plan that could bypass the process.

An experienced estate planning attorney at France Law can help you create an estate plan, including documents such as living wills, powers of attorney, and other documents to give your loved ones permission to make decisions should you become incapacitated.

What Is Estate Planning and Why Does it Matter?

An estate plan is more than a Will. The plan encompasses trusts, health directives, medical and financial powers of attorney, and asset protection. And, estate planning is not just for rich people or seniors—even young people should have an estate plan to protect their assets and wishes should they become incapacitated or die because of an illness or accident.

An estate plan ensures your loved ones carry out your wishes and minimizes burdens for them. Experienced probate attorneys can review your assets and discuss your wishes to help you create an appropriate estate plan for your situation.

Benefits of Estate Planning

Creating an estate plan when you are younger—even as young as your late teens or early 20s—has many benefits for you and your family.

• Peace of Mind and Reduced Stress: Documenting your assets and intentions reduces personal anxiety and stress on your loved ones should something happen to you. It also reduces conflict between family members and prevents rushed decisions that may be wrong later in life.
• Protecting Loved Ones and Avoiding Family Conflict: Estate plans provide clear instructions for taking care of you should you not be able to make decisions on your own, and tell them how to distribute your assets. They also prevent infighting among family members, especially if you choose to leave more of your assets to one person. They also protect your wishes for asset distribution if you have a blended family.
• Save Money and Avoid Probate Costs: Probate court fees, legal expenses, and delays can quickly drain an estate, leaving nothing for your loved ones, even if you are more well-off, but not rich. Trusts and early planning can minimize or even avoid probate. Additionally, early estate planning generally costs less than emergency legal work later.
• Unexpected Illness or Incapacity: An estate plan includes powers of attorney and healthcare directives to ensure your family and healthcare professionals meet your wishes. Without these documents, your family must go through guardianship or other court processes during stressful times. These documents give your loved ones guidance.
• Tax Advantages and Asset Protection: Planning early allows you to create strategies to use trusts, gifting, and other avenues to minimize your tax burden. It also protects our business and some family assets from creditors.

When You Should Start Estate Planning and How to Get Started

There is no set amount of assets needed to start an estate plan. As soon as you have one or more of the following, you should contact estate probate attorneys to get started:

• Personal preferences about healthcare and finances
• Assets
• Dependents

It’s never too early, but waiting can make it too late to create your estate plan. The best time to create an estate plan is when you move out independently, as you will most likely have a bank account and a vehicle. Your loved ones will need access to your bank account and permission to handle your finances if an accident or illness incapacitates you or a fatal accident or illness takes your life.

To get started on your estate plan, set up a consultation with a wills and estate lawyer. Before your appointment:

• Take inventory of your assets and debts
• Decide who to name as a guardian, beneficiaries, and who should make healthcare decisions on your behalf

Once your attorney creates the documents for your estate plan, please review them carefully. As you have significant life changes, update your estate plan. Life changes that affect your plan include:

• Marriage
• Divorce
• Birth of a child
• Adoption of a child
• Significant purchases, such as a home, vacation home or vehicle

If you don’t have substantial life changes, you should still update your estate plan every two to three years, as probate and tax laws change frequently.

Contact France Law Firm

Regardless of your age or financial standing, contact France Law Firm today to schedule an estate planning consultation.

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While planning for the future, you must consider certain factors, such as safeguarding your loved one’s government benefits and providing financial stability. An estate planning attorney at France Law Firm can help you create an estate plan that benefits your unique situation.

The Impact of Inheritance on Benefits

One of the primary reasons for creating an estate plan when you have a loved one with special needs is to provide for him or her. However, a direct inheritance can jeopardize your loved one’s eligibility for Supplemental Security Income (SSI) or Medicaid.

It takes special planning to provide for a loved one after your death without jeopardizing his or her much-needed government benefits. Florida law allows for special trusts that protect your loved one’s government benefits.

Key Estate Planning Tools for Special Needs

Some of the key estate planning tools to protect your loved one’s benefits include:

Special Needs Trusts

A special needs trust (SNT) creates a fiduciary relationship that allows a special needs person to receive income without reducing or removing his or her ability to receive government disability benefits from Supplemental Security Income and Medicaid programs.

It does not replace benefits but supplements them instead. Proceeds from the SNT can pay for medical expenses, transportation costs, caretakers, and other needs.

The trustee, a person you trust implicitly, controls the trust and oversees its management, including the disbursement of funds.

Third-Party Special Needs Trust

A third-party special needs trust can pass to other heirs after the beneficiary dies. Someone other than the beneficiary funds a third-party trust.

First-Party Special Needs Trust

The beneficiary funds a first-person SNT with assets, such as a settlement or an inheritance. After the beneficiary dies, the trustee may have to use any remaining funds in the trust to pay benefits back to the state.

Pooled Trusts

Some nonprofits manage pooled trusts for multiple beneficiaries. These trusts are generally helpful for smaller amounts if a private trustee is unavailable.

ABLE Accounts

Another estate planning option for a special needs person is an ABLE account, a savings or investment option created by Section 529A of the Internal Revenue Service tax code. These accounts allow someone whose disability began before 26 the age of to save money without affecting federally funded benefits.

The growth in these accounts is not subject to taxation. Beneficiaries can pay for qualified disability expenses.

Steps to Creating an Estate Plan for a Special Needs Person

Always consult with experienced asset protection attorneys when creating an estate plan, especially when the plan must include an SNT.

• Do not name a special needs person as a direct beneficiary on retirement plans, financial accounts, or life insurance.
• Update your will and beneficiary designations.
• Fund an SNT with life insurance.
• Appoint a guardian where applicable.
• Create a letter of intent that details the special needs person’s routines, medical information, preferences, and care instructions.

Review and Update Your Estate Plan Regularly

You must update your estate plan each time you have a significant life change, such as marriage, divorce, the birth of a child, a death in the family, or a substantial investment. If you do not have a significant life change within three years of your last life change, contact France Law Firm to update your estate plan, as probate and federal taxation laws change frequently.

Don’t Leave Your Loved Ones in a Bind

Contact a wills and estate lawyer at France Law Firm at 850-224-1040 or by completing our online contact form for a consultation to create or update an estate plan or to create a special needs trust.

The post How to Plan for Special Needs Family Members in Your Estate appeared first on France Law Firm.

Creating an estate plan—or at least a detailed will—can prevent scenarios such as this from happening. The experienced probate attorneys at France Law Firm can help you create a will or an appropriate estate plan for your situation.

When Adults Should Create a Will

Every adult, regardless of age, should have a will. Even if you are still living with your parents at 18 or are just starting, you most likely have a bank account, a vehicle, and sentimental items you would like a particular person to have should something happen to you.

Anything could happen at any time in your life. An unexpected, sudden illness or an accident could easily take your life at 18 as it could at 80.

Reasons Every Adult Should Have a Will

Creating a will allows you to name a guardian to care for minor children and family members who may be unable to care for themselves. A well-drafted will also allow you to name an executor—someone you trust to oversee the distribution of your estate. Additional reasons to create a will early in your life include:

• Making bequests and donations to certain people and charities can decrease estate taxes.
• The possibility of avoiding probate, which is time-consuming and often expensive.
• Minimizing family stress during a difficult time.

As you add assets, you can easily change your will. Over your lifetime, as you start earning more, amassing more assets, and having children, you can create an estate plan that can help protect your assets and your family should you become incapacitated or die.

Information Required for a Will

Before you speak with an experienced estate planning attorney, it helps to gather the information required to draft a will. You will need:

Personal Information

You will need the legal names, birthdates, and addresses of you, your spouse, children, beneficiaries, and potential executors or guardians. Phone numbers are helpful, too. You will also need the date and place you married your current spouse, prenuptial and/or postnuptial agreements, divorce decree, and custody paperwork.

A List of Assets

All property you own, whether in your name only or jointly with your spouse, should be on the list. The list should include bank accounts, cash, life insurance policies, pension plans, retirement accounts, annuities, real estate, businesses, vehicles, jewelry, boats, items of sentimental value, and furniture. If you have pets that should go to a specific person, be sure to list them, too. Don’t forget book collections, coin collections, and tools.

A List of Debts

Include all debts such as credit cards, mortgages, promissory notes, and mortgages. You should also include account locations and the location of account access information.

Beneficiaries

Know who you plan to bequeath your assets to. Bank accounts and life insurance accounts may already have a beneficiary—be sure they are the same person on the account and in your will.

You should also add secondary beneficiaries if something happens to the primary beneficiary before your death, or if the primary beneficiary dies simultaneously.

Representatives

To protect your interests, you should have a list that includes an executor plus two alternatives, as the probate court must approve the named executor. You should also include:

• Lawyers
• Trustees
• Guardians for minor children and family members who require care

Contact France Law Firm

Create a will or an estate plan to protect your assets and your family. It does not matter how young you are—if you are an adult, even if you still live with your parents, you should have a will or an estate plan. Contact France Law Firm at 850-224-1040 or complete our contact form today to schedule a consultation.

The post Why Every Adult Needs a Will: A Guide to Protecting Your Wishes appeared first on France Law Firm.

Cultivating Strong Leadership

For a business to go from one generation to the next, it must nurture the next generation of leaders to take over the position of its current leaders. The new leaders must be as strong and knowledgeable as the current leaders, or the business could fail. Implementing mentorship initiatives and leadership development programs and preserving knowledge about the business all lead to a smooth transition.

Adaptability and Innovation

New technological advancements constantly affect the business landscape. A successful business must adapt to advancements and consumer preferences, or it could fail. Ensuring that future generations also embrace adaptability and innovation provides a better chance of future generations remaining successful.

Fostering a Strong Culture for Your Company

Your culture is the center of your business and a good part of its success. Your customers are loyal to you, in part because of your culture – you have the same beliefs they have. When you hire employees with the same values, they further that culture and share the same values as your customers, creating a bond between the employees, business, and customers.

Prioritizing this same culture through those who will eventually take over the business increases the chances of the company remaining successful through the generations.

Diversification

As years go by, new markets appear. New generations can diversify into new markets, whether new products and services or new geographic areas, mitigating the risk of failure in future generations. Adding new products and services ensures you remain relevant through the years, as you are spreading risk over multiple geographic regions and sectors.

Customer Relationships

Without customers, you don’t have a business. Just as you nurture future generations of leaders, customers nurture future buyers. You keep customers by listening to your customers’ feedback, building trust, and investing in personalized service. You can anticipate your customers’ needs.

A child sees his or her parents patronizing your business and will often continue patronizing that business when they become older—as long as the business continues to provide the excellent service the parents enjoyed.

Planning for Succession

Above anything else, you must plan for succession to preserve it for future generations. Some businesses plan for multiple generations, which can be done through trusts as long as the company stays in the family. A Florida estate planning attorney can help you create an estate plan to preserve your business for future generations.

Additional documents required to protect your business for future generations include financial and medical powers of attorney. Florida has several types of trusts that can protect your business.

For example, should you become incapacitated, can the right trust seamlessly transfer control of the business to your adult children or another trusted family member or friend to manage until you are no longer hindered? A trust can also protect your business against certain creditors, such as hospitals and nursing homes.

Create a Comprehensive Estate Plan to Protect Your Business

Anything can happen at any time. Protecting your business from excessive taxes, creditors, and lawsuits significantly minimizes the risk of failure and allows future generations to enjoy the same benefits of business ownership you have. Mrs. France handles estate planning, probate, federal income tax planning, and business formation.

With experience in all three areas, France Law can draft a comprehensive estate plan to help protect your business from creditors and excessive taxes and ensure a smooth transfer to the next generation.

Contact France Law today for an estate planning consultation for your business.

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Why Estate Tax Planning in Florida is Important

Many people retire to Florida because of its weather and lack of state income tax. However, the federal government seeks its share after you pass. An estate planning attorney can help you set up a trust to minimize that tax burden.

Another very important reason for using an estate lawyer to help you set up a plan is that anything can happen at any time. A trust can help with asset protection should you become incapacitated. It can also allow a loved one to handle your affairs until you are well enough to do it yourself.

You do not have to be a certain age to create an estate plan. In fact, if you are over 18 and own assets, regardless of the value, you should create an estate plan.

Types of Trusts for Minimizing the Estate Tax Burden

Florida has several types of trusts that can help minimize your tax burden, including:

Revocable Living Trust

One of the most common trusts in Florida is a revocable living trust. This flexible estate planning tool allows you to keep control over your assets during your lifetime and specifies how your assets should be distributed upon your death. A revocable living trust can help avoid probate and minimize estate taxes.

Irrevocable Life Insurance Trust

When you need a trust to hold life insurance policies, you can use an irrevocable life insurance trust. When you place your life insurance policies in this trust, the proceeds from the policy can be excluded from the taxable estate. This trust is needed (but not required) if your estate is valued at over $12.92 million.

Qualified Personal Residence Trust

You can transfer your primary residence to a qualified personal residence trust and still keep your right to live in it for a certain number of years as dictated by the trust. In the trust, list the number of years you expect to live – you have a right to stay in the house until then. This is one of the ways you can minimize your tax burden. If you are still alive when the time ends, you can pay rent to the estate, which further reduces your estate tax burden.

Charitable Remainder Trust

When you wish to give to a charitable organization, you can choose a charitable remainder trust. Any assets placed in this trust provide income to beneficiaries for a set time. If there is anything left in the trust, the remaining assets go to the charity you choose.

Dynasty Trust

Use a dynasty trust to provide for multiple generations. You can preserve wealth for the long term, plus reduce estate taxes for each generation so that your grandchildren and great-grandchildren can enjoy your wealth. The asset protection attorneys at France Law Firm can help you set up a dynasty trust.

Contact France Law Firm

While Florida offers many benefits because of its tax laws, the federal government is still going to use the long arm of the Internal Revenue Service to collect what it can get. You can use one or more trusts to minimize the tax burden for your heirs. Contact the probate attorneys at France Law Firm for a consultation to discuss a new estate plan or to update a current estate plan.

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Inheritance and Wealth: A young person may receive an inheritance from a loved one that has substantial value. Decisions about that inheritance or other accumulated wealth are left to the courts without a will.

Personal Property: Although not everything you own has substantial monetary value, the sentimental value can be priceless. What happens to personal belongings such as jewelry, automobiles, photographs and even social media accounts matters to those you leave behind.
One of the ideas that tends be missed by young adults is that a will is an act of kindness. It allows your loved ones to understand your wishes and demonstrates how you felt about them.

Parents Have Long-Term Responsibilities
There’s no arguing the fact that becoming a parent inextricably changes your life. After the birth of a child, you come to realize a powerful sense of responsibility for another human being. That duty extends beyond your lifetime as well. These are the reasons why parents need a will.

Put A Guardian In Place: If something unfortunate were to happen to you and the child’s other parent, decisions would revert to the courts. Although judges focus on the child’s best interest, they cannot know your values or the depth of relationships you have with others. Who you view as the best person to raise a child may not be the same as the courts.

Business Management: The financial resources you leave behind are likely to require some level of oversight. If you own a business, your heirs may not be old enough or have the expertise to continue its operations. Unless you are satisfied that your life’s work could be sold off, it’s imperative that a professional handle the operations going forward so your children can benefit from the revenue.

Personal Wealth Management: One of the more favorable ways that parents care for children after they’ve gone is to create a trust that portions out money to support minor and adult children. Minors will likely require a trustee to help manage affairs until they are able. In some cases, it may be your parental decision to parcel out money even after they are adults. You know your children and a will can extend your parental love.

Seniors Have Substantial Need For A Will

Unlike young immortals, elders tend to consider creating a will more seriously. Still, many of our valued elders continue to kick that can down the road. This type of procrastination about creating a living will can prove detrimental for a number of reasons.

Medical Care: A living will directs loved ones and medical professionals about the type and level of care you desire. It provides doctors with written, authorized advice about how to proceed should you become incapacitated.

Puts The Right Person In Charge: A living will gives a person of your choosing the legal authorization to help manage your health care or financial affairs in the event you are unable. It puts you in charge of who is in charge.

Peace Of Mind: A will can resolve potential family disagreements before they occur. The document can offer detailed information on a wide range of health, business and wealth distribution subjects. Knowing that family, friends and loved ones are fully aware of your wishes allows them to celebrate your life to the fullest.

There is no wrong age to create a will because that day has already passed. Regardless of age or station in life, a will is an act of kindness to the people in your life. If you would like to create a will or update an existing document, contact the compassionate attorneys at France Law.

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As a business, it’s important that you check if your accounting records reflect what you’ve been doing the whole year. They should be balancing to avoid any issues with the ‘’tax man”. Legal activities should be involved as you do this.

What’s the Focus for December?

December is recorded with slow business operations. This is because people are looking forward to the New Year with new plans that will push them to the end of the following year.

It’s important that you do a thorough review of the years financial records. They are essential in decision making for the coming year. Many companies find this challenging due to improper record-keeping and some unusual activities.

In case the business is not in the position to successfully wrap up the accounting year, problems are likely to arise. The owners are not able to read the failures or successes of the business. The problem is rolled over to inaccurate assumptions on tax filling processes. More costs are incurred if the business has to do the same for annual Government auditing.

Hiring a Lawyer

In case a taxation crisis erupts when closing the year, a lawyer may help. Although the problem may not go to this extent as many companies take the issue of taxation very serious. However, if there is an imbalance in the auditing process, you are likely to arrive here.

Working with a tax lawyer will not only help you evade the problem but it’s also less expensive than when you take the matters into your hands.

A tax lawyer will help in the following ways:

• A medium sized company is not complete with only an accountant. The tax lawyer chips in to assist in strategies for tax planning and accounting practices. Some companies opt to employ the lawyers as employees of the company.
• Corporate tax law. In fact, many of the attorneys have specialized in this and can really come in handy in such a crisis. They are mainly essential in big companies as they oversee the legal relationships with business structures. Their workload is during the taxation season.
• Some companies operate overseas. The fact that they operate away does not mean that they can evade taxes. This is a vice that is not tolerated in any country. However, it’s important to be aware that you should still meet your tax obligations no matter the crisis. The law attorneys have the knowledge and they can advise you accordingly in this complex area of taxation.

What about the Back Taxes?

Back taxes are the taxes that you are unable to pay when the year comes to a close. In case you find yourself in this situation, be prepared to pay extra penalties and interests. Asking for an extension makes no change.

According to attorneys, it is reasonable to pay back the back taxes as soon as possible. You can never get away with the back taxes. In addition, the revenue collectors will ensure that they do whatever it takes to get it.

These include placing levies on banks, accounts and garnishing your wages. In some cases, they can come and possess the business or sell it to clear the tax. However, this is not likely to happen as there are laws that govern the tax collection. It is advisable that you find a way of clearing up the back taxes before it is too late.

Bottom Line

Closing the year is not only important for taxation purpose but also for the general performance of the business. To ensure that you have a smooth ending of the year, ensure that you have kept proper accounting records right from the beginning of the year.It is advisable that you hire an attorney that will work in conjunction with the financial department for a smooth running of the business.

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Before dubbing the IRS the “Scrooge” of gift giving, keep in mind that without some standard many transactions could be recorded as gifts. But the federal government also recognizes that things such as land, homes, stock investments and other assets can be gifts in the truest sense, even though they may have high dollar values. That’s why there are certain short- and long-term tax exemptions in place.

What Qualifies as a Gift?

The IRS takes a similar approach to define a “gift” as the common birthday present. It was purchased by one person and transferred to another with no strings attached. In other words, the recipient is under no obligation to pay the donor back or perform a duty.

Like the birthday gift, the recipient takes immediate possession and control. That’s important to understand in terms of more complex asset transfers. The federal government would generally not allow something to be considered tax-exempt if it involved a future transfer. In other words, you wouldn’t be able to gift a home and portion out the value at $15,000 annually to stay under the limit. But there are avenues you can utilize to gift wealth over time and stay under the annual cap.

Gifts and Trusts

There are a variety of trusts that can be established to provide annual benefits under the annual $15,000 limit. For example, a minor’s trust can have a single beneficiary and provide that person with an annual tax-exempt amount under the gift exclusion. Although this type of irrevocable trust generally gives the beneficiary full control over the assets at age 21, its value tends to be that sums exceeding the annual limit can be easily moved and doled out over time.

Gifts that May Enjoy Unlimited Tax Exemption

In the IRS’ eyes, any gift can be counted. That might seem unreasonable in terms of modest birthday and holiday gifts. Fortunately, the federal government is pragmatic about excluding certain ones. These types may enjoy an unlimited annual exemption.

• Tuition and other educational expenses paid on another person’s behalf.
• Medical expenses for another person.
• Gifts made to a spouse.

Gifts made to charitable organizations.

The federal government sets an annual limit before taxes on many others. The threshold for 2014-2017 was $14,000 and that number increased to $15,000 in 2018. Married couples may also give away items they co-own and the limit doubles. Jointly owned gifts for 2014-2017 would enjoy a limit of $28,000 and $30,000 for 2018.

In addition to these annual limits, the IRS provides a lifetime maximum. That figure was set at $5.45 million in 2016 and $5.49 million in 2017. The recent Tax Cuts and Jobs Act boosted the lifetime limit to $11.18 million in 2018 and $11.4 million in 2019.

It’s important to keep in mind that gifts you make above the annual limit may simply be deducted from your lifetime exemption. If you are uncertain about how gifts made over the course of your life have impacted your ability to make non-taxable asset transfers, speak with an experienced tax and estate planning attorney.

Gifts between Spouses have a Wrinkle

It generally holds true that gifts between spouses are exempt under the federal guidelines. The importance of married couples ability to move property to each other is widely known as unlimited because couples share the wealth.

But the federal government does place a high limit on gifts made to spouses who are not U.S. citizens. Gifts made to non-citizen spouses enjoy a special annual exemption of $152,000 for 2018. Anything above that would be subject to taxation or deduction from your lifetime limit.

If you are thinking about making a substantial gift, it’s important to work with an experienced tax and estate planning law firm. Contact the France Law Firm.

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