Estate & Gift Tax Planning Tips for Florida Families

Estate and gift tax planning is often overlooked until it’s too late. Families in Southwest Florida face unique challenges when it comes to preserving wealth and passing it on to the next generation. At MarkhamNorton in Fort Myers, we specialize in creating strategies that minimize tax exposure while honoring your wishes.

Here are a few key tips for effective estate and gift tax planning.

1. Take Advantage of the Annual Gift Tax Exclusion

Each year, you can give a certain amount per recipient without triggering gift taxes. In 2025, this exclusion is $18,000 per person. Strategic gifting helps reduce your taxable estate.

2. Use Lifetime Exemptions Wisely

The federal lifetime estate and gift tax exemption is generous — but may change in future legislation. Proper planning ensures you maximize exemptions now.

3. Consider Trusts for Flexibility

Trusts can shield assets from probate, protect beneficiaries, and manage distributions on your terms.

4. Plan for Florida-Specific Considerations

Florida has no state estate tax, but federal estate taxes still apply. Families often underestimate this when planning.

5. Work With a CPA & Estate Attorney

Collaborating with both professionals ensures your financial and legal documents align.

FAQ

Q: Do Florida residents pay state estate tax?A: No, Florida does not levy state estate taxes, but federal estate and gift taxes still apply.

Q: What’s the difference between estate planning and gift planning?A: Estate planning focuses on wealth transfer after death, while gift planning transfers assets during your lifetime.

Protect your legacy with estate and gift tax planning from MarkhamNorton in Fort Myers.

Schedule a confidential consultation today