Estate Planning
Estate planning ensures your assets pass the way you intend, with as little tax and delay as possible. We provide the tax and financial analysis, and work hand in hand with your attorney who prepares the legal documents.
How Nelson & Associates handles Estate Planning
An estate plan typically includes a will, revocable trust, powers of attorney and beneficiary designations, plus lifetime gifting and, for larger estates, advanced trusts. Our role is to quantify your estate, project estate and income taxes, evaluate gifting strategies and make sure the plan's tax elections and filings are handled correctly.
Florida has no state estate or inheritance tax, but families with property in other states or other countries may face additional rules. For families with heirs or assets abroad, we explain how U.S. estate and gift tax apply to each person and asset.
Who this is for
- Families who want to review an existing plan
- Business owners planning a transfer
- People with property in more than one state or country
- Parents planning gifts to children and grandchildren
- Surviving spouses evaluating portability
- Individuals with charitable goals
Everything covered in our Estate Planning service
- Estate inventory and projected tax analysis
- Lifetime gifting strategies and annual exclusion planning
- Trust tax analysis
- Charitable giving strategies
- Beneficiary designation review
- Portability and basis planning
- Gift tax return preparation
- Coordination with your estate planning attorney
The paperwork behind Estate Planning
| Form 709 | U.S. Gift Tax Return |
|---|---|
| Form 706 | U.S. Estate Tax Return |
| Form 1041 | Income tax return for estates and trusts |
| Form 8971 | Basis consistency reporting for inherited property |
What we’ll need from you
Have these ready and your first meeting goes faster. Missing something? We’ll help you find it.
- Existing wills, trusts and powers of attorney
- Account statements and real estate details
- Business ownership documents
- Life insurance and retirement beneficiary designations
- Records of prior gifts
How it works, step by step
Inventory
We list your assets, ownership and beneficiaries.
Project
We estimate taxes under your current plan.
Recommend
We suggest tax-efficient changes to discuss with your attorney.
Implement
We file required returns and keep the plan current.
Why clients choose us for Estate Planning
Tax-first planning
Every recommendation is tested for its tax effect before you act.
One firm for the whole picture
Tax, planning and estate filings handled by the same team.
Personal attention
A small firm that knows your family, not a call center.
Free first meeting
Your initial consultation is free of charge.
Estate Planning across the United States
From our Doral office we provide Estate Planning to clients in all 50 states and Washington, D.C. Hover over a state to see its tax profile and the cities we serve; tap it to open the state page.
Services clients often pair with this
Estate, Gift & Trust Tax
Fiduciary income tax returns, gift tax returns and estate tax filings for executors, trustees and families.
Learn more Business Accounting & AdvisorySuccession Planning
Plan the transfer of your business to family, partners, employees or a buyer, with the tax consequences mapped out in advance.
Learn more Individuals & FamiliesPersonal Financial Planning
Tax-aware planning for cash flow, retirement, education and major life events, built around your goals.
Learn more Tax Preparation & PlanningForeign Investors & FIRPTA
Tax support for foreign nationals buying, renting or selling U.S. real estate, including FIRPTA withholding, refunds and ITINs.
Learn moreMore in Individuals & Families
Estate Planning FAQs
5 answers to the questions clients ask most. Don’t see yours? Ask us directly.
Do I need an estate plan if my estate is below the federal exemption?
Yes. Estate planning is about who receives your assets, who manages them, avoiding probate delays and protecting minors, not just estate tax.
Do you draft wills and trusts?
No. Legal documents are prepared by your attorney. We provide the tax and financial analysis and coordinate closely with them.
How much can I give without paying gift tax?
You can give up to the annual exclusion amount per recipient each year without using any of your lifetime exemption. Larger gifts use part of the lifetime exemption and require Form 709.
Is there estate tax for non-U.S. heirs or assets?
U.S. citizens and residents are taxed on worldwide assets. Nonresidents may face U.S. estate tax on U.S.-situs property with a much smaller exemption. We review cross-border situations carefully.
Do you offer Estate Planning outside Florida?
Yes. Our office is in Doral, Florida, and we work with clients across the United States and abroad through secure uploads, phone and video meetings and e-signatures. South Florida clients are welcome to meet with us in person.
Talk to a CPA about Estate Planning.
Your initial consultation is free. Call us, email us or visit our Doral office, and we’ll tell you exactly what you need and what it will cost.