Our role is tax and accounting support within the written engagement. A qualified estate-planning attorney should provide legal advice, draft documents and review property titles and beneficiary arrangements. With your authorization, we may coordinate tax records with your existing advisers; no attorney partnership or legal service is included by implication.
A complete estate plan aligns wills/trusts, beneficiary designations, powers of attorney, and tax strategy so your wishes are clear and administration is easier for your family. Tampa/Florida adds unique elements like homestead, portability, and (for some families) enhanced life estate deeds. We’ll help you coordinate the financial & tax pieces and work hand-in-glove with your attorney. Explore our Tax Preparation, Business Consulting, and Accounting & Bookkeeping.
Core Components of an Estate Plan
- Will: names personal representative, guardians (if applicable), and directs property not in a trust/beneficiary account.
- Revocable Living Trust: optional vehicle to avoid probate on titled assets when funded properly; maintains control while living.
- Financial Power of Attorney (Durable): appoints an agent for financial decisions if you’re incapacitated.
- Advance Healthcare Directive: healthcare surrogate/POA and living will; add HIPAA release for access to information.
- Beneficiary Designations: coordinate on retirement accounts, life insurance, and transfer-on-death (TOD/POD) accounts.
- Asset Titling: individual, joint with rights of survivorship, tenants by the entirety (married spouses), and entity-owned property.
Tampa/Florida Considerations
- Homestead: special protections and property-tax treatment; coordinate with titling and your trust plan.
- Portability: two flavors to know:
- Property-tax portability: moving your Save Our Homes benefit when changing primary residences in Florida.
- Federal estate-tax portability (DSUE): Federal estate-tax portability generally requires a properly filed Form 706 within nine months of death, or within an applicable filing extension. Certain estates not otherwise required to file may qualify for simplified late-election relief through the fifth anniversary of death under Revenue Procedure 2022-32. Confirm all conditions; this relief does not extend a required estate-tax return's ordinary deadline. See Form 706 instructions and Revenue Procedure 2022-32.
- Probate basics: court process to administer assets without beneficiary designations or trust titling; proper funding/titling may reduce probate.
- Enhanced Life Estate (“Lady Bird”) Deeds: sometimes used in Florida to pass real estate outside probate—attorney-drafted; we model tax/title impacts.
Tax Coordination You Shouldn’t Skip
- Inherited-property basis often is adjusted to fair market value at death or another applicable valuation basis, which can increase or decrease basis. Exceptions apply, and income in respect of a decedent, including taxable inherited retirement-account amounts, does not receive the same general basis treatment.
- Estate & Gift Filings: Form 706 (estate tax/portability election), Form 709 (gift tax), and Form 1041 for estates/trusts.
- Trust Taxation: income retained vs. distributed (DNI), beneficiary K-1s, and state residency considerations.
- Business & Real Estate: entity interests, valuation, §754 elections for partnerships, and depreciation carryovers.
- Beneficiary Coordination: pre-tax vs. Roth vs. taxable accounts; RMD and payout rules (as applicable).
Our Process (Plan → Fund → Maintain)
Planning
- Family, assets, and goals review; beneficiary audit; titling & account inventory.
- Tax modeling: step-up scenarios, trust vs. non-trust tradeoffs, and portability considerations.
- Attorney coordination: we summarize recommendations and collaborate on document drafting.
Funding & Implementation
- Trust funding checklist: deeds, brokerage/retirement forms, and beneficiary updates.
- Business interests: assignment/operating agreement updates with counsel.
- Homestead and portability planning with your attorney and local filings as needed.
Maintenance
- Annual beneficiary & titling check; life-event updates.
- At life events (marriage, divorce, birth, death, move, major purchase): refresh plan and tax projections.
- Estate/Trust admin when someone passes: 1041 prep, basis workpapers, K-1s, and coordination with the attorney/personal representative.
Common (Costly) Mistakes We Fix
- Creating a trust but not funding it; assets still end up in probate.
- Outdated beneficiaries (ex-spouse/old accounts) or no contingent beneficiaries.
- Mismatched titling that defeats the plan (e.g., joint accounts bypassing the trust unintentionally).
- Skipping the 706 portability election when it could help the survivor later.
- No recordkeeping for basis; difficult reporting on sale for heirs.
Important: Estate planning laws are complex and change over time. We’ll align the tax and funding pieces and coordinate with your Florida attorney to ensure documents and deeds match your plan.
What You’ll Get When You Work With Us
- Clear summary of tax/beneficiary/titling recommendations.
- Trust funding checklist and beneficiary update workflow.
- 1041 preparation for estates/trusts and beneficiary K-1s.
- 706 portability guidance and 709 gift reporting (when applicable).
- Annual review to keep everything current and coordinated.
FAQs
Do I need a will or a trust?
A will is foundational. A revocable trust can help avoid probate on titled assets and simplify administration when it’s properly funded. We’ll model the tradeoffs and coordinate with your attorney.
What is Florida probate and can it be avoided?
Probate is the court process to transfer assets that aren’t directed by a trust or beneficiary designation. Proper titling, beneficiary designations, and (where appropriate) a funded revocable trust may reduce the need for probate.
What is portability and do we need it?
There’s property-tax portability (Save Our Homes) and federal estate-tax portability (DSUE via Form 706). Whether to elect/file depends on your situation—we’ll evaluate and coordinate with counsel.
How are inheritances taxed?
Inherited-property basis often is adjusted to fair market value at death or another applicable valuation basis, which can increase or decrease basis. Exceptions apply, and income in respect of a decedent, including taxable inherited retirement-account amounts, does not receive the same general basis treatment. Ongoing income in estates and trusts may require Form 1041 and beneficiary K-1 reporting. See IRS Publication 559.
Can you help update beneficiaries and retitle assets?
Trust funding, title changes and institution forms require direction from your qualified attorney and the relevant financial institutions. Our engagement may include agreed tax records or accounting support, but it does not authorize us to draft legal documents or guarantee that a trust is properly funded.
Ready to coordinate your estate plan—without the confusion?
We’ll align taxes, titling, and beneficiaries with your Florida attorney’s documents so your plan actually works when it matters most. Talk to an Enrolled Agent today. Schedule Consultation