Boca Raton Estate Planning FAQs

Asset Protection

Under present law, the annual amount which you can give to any done which is excluded from gift tax is $15,000.

Under present law the Unified Credit is $5,490,000. 

No. Only spouses can own property as Tenants by the Entirety. Additionally, upon the death of one of the owners in each of a Tenancy by the Entirety and Tenancy with Right of Survivorship, the property passes to the remaining owner; in a Tenancy in Common, the deceased owner’s share generally passes as designated in the deed or by such tenant’s estate planning documents.

In general, there are six assets that statutorily protected which are homestead (up ½ acre in a city or municipality and 160 outside); qualified retirement plans and IRA’s, life insurance, annuities and wages (with a number of caveats). Property owned as Tenants by the Entirety is also generally exempt from creditor attachment in Florida.

An LLC makes an election at the beginning of its existence to be taxed as either a C Corporation, an S Corporation, a disregarded entity or a partnership for federal tax purposes. If no election is made then the default choice is a Partnership.

Unfortunately, this is a complex questions that is very much dependent on your personal circumstances. Please contact our office for a confidential, free consultation to discuss.