Protect Your Estate from High Taxes
Asset Protection Lawyers Offer Solutions for Tax Minimization
Business owners justifiably want to keep their taxes as low as possible, and they may employ a variety of methods to minimize their tax liabilities. However, in order to take advantage of these methods, you must stay within the confines of the law or risk significant financial penalties. An asset protection attorney can provide valuable legal advice that helps you preserve your wealth while staying on the right side of the law.
Are you curious to see if you qualify for methods that reduce your business taxes, income taxes, estate taxes and more? Ask our attorneys to review your situation and explain methods of asset protection available to your estate, including trusts. As long state and federal tax laws are followed, there is nothing wrong with taking advantage of every opportunity to minimize taxes.
How Can I Minimize My Taxes?
Minimizing taxes can be an important component of protecting your assets that you have worked hard to obtain throughout your life and career. Here are some common ways to protect your assets and lower your taxes:
- Offshore options: Long believed to be a bastion for only the uber-wealthy, these can be a valid option but not every offshore account acts in accordance with US law. If you use an offshore account, be prepared to disclose it to the IRS to comply with transparency laws.
- Annuities: An annuity is a portion of income that a person receives in fixed increments, usually in perpetuity. You can take advantage of certain annuity programs to dispense increments of your wealth, often with little or no taxation.
- Family limited partnerships: If you share assets with members of your family, a family limited partnership, or FLP, could be a good solution for you. FLPs allow the senior members of the partnership to transfer assets to their children and avoid some taxes in the process.
- Charitable donations: By donating portions of your wealth to charitable organizations, you can save on taxes while also supporting a worthy case. Make sure that you are donating to a valid charity, and that there is no construed conflict of interest between the charity and yourself.
Looking for Ways to Reduce Taxes for Your Business or Estate?
For more information about our business and tax attorney services in Miami and Tampa, contact our asset protection attorneys to schedule a consultation.