Giving to charity not only benefits the charities but can also benefit the donor because of valuable tax incentives. To fully maximize the tax deductions, you – or your tax planning attorney – must understand the intricacies and strategies of charitable giving and tax law and how they apply to your unique financial situation. The tax attorneys at France Law Firm have the experience to help you maximize your tax deductions via charitable giving. The Tax Benefits of Charitable Giving When you donate to qualified charitable organizations, you can reduce your overall tax liability. This type of de ..read more

Many people start businesses and may even keep them for many years. Some even own a business for generations, handing it down from generation to generation. These businesses often become legacies. Preserving your company for future generations requires adaptability, strategic planning, financial success, and a commitment to the business’s values. Decisions you make today can and usually do affect your company for many years – even into the next generation. A business must consider several factors, including leadership, adaptability, and succession issues, to preserve itself for future generati ..read more

Each year sees changes to the tax code. Those changes usually affect nearly everyone. In 2023, tax changes in the Inflation Reduction Act came into effect, including an increase in per-barrel oil taxes and changes to the standard deduction and Alternative Minimum Tax Rate. Keeping up with the tax changes ensures you file your taxes correctly, whether you are a business or an individual. The Florida tax attorneys at France Law Firm can help you file your taxes and make sure you don’t miss any of the new tax rules. Taxes for 2023 and 2024 You may not think the upcoming changes for 2024 are impor ..read more

  The saying “The only things certain in life are death and taxes” holds true, but individuals can exercise control over their financial destinies by adopting smart financial decisions for optimal tax outcomes. Year-round tax planning offers a proactive approach, allowing individuals to make informed choices that can lead to significant savings during tax season. Seeking guidance from a business attorney with expertise in estate planning is invaluable in navigating factors such as retirement accounts and staying abreast of tax law changes.   Components of Year-Round Tax Planning &nbs ..read more

When you want to pass your assets to heirs, having an estate plan is critical; otherwise, your assets will go through probate. This could result in outcomes that you never wished for your heirs. Someone you may want to cut out of your will could receive your assets or your heirs could take on a heavy tax burden. Florida has a unique set of regulations and laws that can help minimize these costs and leave more for your family. These statutes and guidelines empower you to establish a range of trusts, each serving distinct purposes. These include bypassing probate, reducing tax obligations ..read more

Estate planning is complex as there are many choices to make sure your loved ones receive your assets. One of those choices is whether to use a trust and, if so, which one is best for your circumstances. This is where an experienced estate planning attorney comes in – after listening and studying your circumstances, she can make recommendations as to whether you should choose a revocable trust or an irrevocable trust. What is a Revocable Trust? You might have heard the term “living trust.” That is the same as a revocable trust. This type of trust is very flexible – you can change or revoke the ..read more

Choosing the right executor to carry out your will is just as important as the will itself. This is because while a will is a legal statement of how you intend your assets to be distributed after your passing, an executor ensures that your wishes are carried out as spelled out in your will. The person you choose as your executor can spell the difference between having a timely and effective estate administration after your passing and having your loved ones endure a haphazard and prolonged administration process. Whether you decide to designate this role to a family member, a close friend, or ..read more

Running a small business comes with a lot of unique challenges, not the least of which is managing your finances. If you can’t determine how much money is coming in or going out, it’s almost impossible to know whether you’re succeeding or not. One area where many small business owners flounder is taxes. Even if you’re paying taxes on time, you may be overpaying and not realizing it. Or, you could be doing something wrong and setting yourself up for an audit in the future. Overall, the best strategy is to prepare for taxes ahead of time so you’re not left with a significant financial burden at ..read more

If you intend to transfer your assets, which include money or property, to someone who is not your spouse or dependent as a gift, know that you will be required to pay a gift tax. Let’s dive into the fundamentals of gift taxation to help you understand how to navigate the laws surrounding it. What Is Gift Tax? A gift tax is a federal charge that is imposed by the Internal Revenue Service (IRS) on property that’s transferred from one person to another person who pays nothing or only a portion of the actual worth in return. Additionally, if a person sells a product at less than its value or ..read more

Many people think of tons of assets when they hear the word “Estate.” Not every estate is huge. Every person has an estate that consists of any assets you own. Even if you have a bank account and one car, you have an estate. If you become incapacitated or die, regardless of age, your estate must go through probate if you don’t have an estate plan. Florida probate laws are complex, which means that if you try to handle a loved one’s estate yourself, you could end up costing yourself more money. Estate planning attorneys can help you set up an estate plan that protects your assets in the event y ..read more