Wealth Transfer Planning Attorneys
Planning lifetime gifts and transfers at death with the federal estate, gift, and generation-skipping transfer taxes in view, and preparing the Florida documents that name who acts for you and your family.
Federal law taxes transfers of wealth whether they are made during life or at death. 26 U.S.C. 2501 imposes a gift tax on lifetime transfers, 26 U.S.C. 2001 imposes an estate tax on the taxable estate, and 26 U.S.C. 2601 adds a separate tax on generation-skipping transfers. Credits, exclusions, and exemptions determine how much passes without tax, and the basis rules affect what recipients owe when they later sell.
A transfer plan also names the people who act: an agent under a durable power of attorney, a health care surrogate, a trustee, and a personal representative. Florida law sets how those documents are signed and what those fiduciaries owe. Industria Business Lawyers advises individuals and families planning these transfers. Every provision cited on this page was read from the United States Code, irs.gov, or the Florida Statutes. A consultation is free.
The Federal Provisions That Shape a Transfer Plan
The estate, gift, and generation-skipping transfer taxes, the credits and exclusions against them, and the basis rules that follow the property.
The Estate Tax
26 U.S.C. 2001(a) imposes a tax on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States. Under section 2001(b), the tax is computed on the taxable estate plus the decedent’s adjusted taxable gifts made after 1976, and then reduced by the gift tax that would have been payable on those gifts. The rate schedule in section 2001(c) reaches 40 percent on amounts over $1,000,000.
The Unified Credit and Basic Exclusion
26 U.S.C. 2010(a) allows a credit against the estate tax equal to the tax on the applicable exclusion amount, which section 2010(c)(2) defines as the basic exclusion amount plus, for a surviving spouse, the deceased spousal unused exclusion amount. Section 2010(c)(3)(A) sets the basic exclusion amount at $15,000,000, and section 2010(c)(3)(B) adjusts it for inflation for decedents dying after 2026. The Internal Revenue Service lists $15,000,000 as the basic exclusion amount for 2026. Under section 2010(c)(5)(A), a surviving spouse may use the unused amount only if the executor of the deceased spouse’s estate files a timely estate tax return computing it and makes the election, which is irrevocable.
The Gift Tax and the Annual Exclusion
26 U.S.C. 2501(a)(1) imposes a tax for each calendar year on the transfer of property by gift by any individual, resident or nonresident. Section 2503(b) excludes from taxable gifts the first $10,000 of gifts to each person during the year, adjusted for inflation, but only for gifts of present interests; gifts of future interests do not qualify. Revenue Procedure 2025-32 and the IRS gift tax guidance list the 2026 exclusion as $19,000 per donee. Section 2503(c) treats a gift to a person under 21 as a present interest when the property and its income may be spent for the minor before 21 and, to the extent not spent, pass to the minor at 21 or, if the minor dies before 21, go to the minor’s estate or as the minor appoints under a general power of appointment.
Tuition, Medical Payments, and Gift Splitting
Under 26 U.S.C. 2503(e), a qualified transfer is not treated as a gift at all. The term covers amounts paid on behalf of an individual as tuition to an educational organization described in section 170(b)(1)(A)(ii), and amounts paid to a provider of medical care as payment for that individual’s care. Under 26 U.S.C. 2513, a gift by one spouse to a third person may be treated as made one-half by each spouse if both are citizens or residents and both consent for all gifts made during that calendar year. Consenting spouses become jointly and severally liable for that year’s gift tax under section 2513(d).
The Generation-Skipping Transfer Tax
26 U.S.C. 2601 imposes a tax on every generation-skipping transfer. Section 2631(a) allows every individual a GST exemption that the individual or the executor may allocate to property of which the individual is the transferor, and section 2631(b) makes an allocation irrevocable once made. Section 2631(c) sets the GST exemption for any calendar year equal to the basic exclusion amount under section 2010(c) for that year.
Basis: Gifts Compared With Inheritance
Under 26 U.S.C. 1015(a), property received by gift generally keeps the donor’s basis, except that for measuring a loss, the basis is the property’s fair market value at the time of the gift if that value was lower. Under 26 U.S.C. 1014(a)(1) and (2), property acquired from a decedent generally takes a basis equal to its fair market value at the date of death, or its value at the applicable valuation date where an election under section 2032 is made. Because 26 U.S.C. 1001(a) measures gain as the amount realized over adjusted basis, the choice between a lifetime gift and a transfer at death affects the tax on a later sale.
How a Transfer Plan Is Evaluated
Tax exposure, the fiduciaries who will act, and the formalities for each document are reviewed together.
Lifetime gifts return at death. Section 2001(b) adds adjusted taxable gifts made after 1976 back into the estate tax computation, so a taxable lifetime gift affects the tax due at death. Annual exclusion gifts under section 2503(b) and qualified transfers under section 2503(e) are tracked separately, since they do not enter that computation.
The durable power of attorney. Under section 709.2104, Florida Statutes, a power of attorney is durable if it states that it is not terminated by the principal’s later incapacity, or uses similar words showing that intent. Section 709.2105 requires the principal’s signature, two subscribing witnesses, and acknowledgment before a notary public. Under section 709.2114, the agent is a fiduciary and must attempt to preserve the principal’s known estate plan where doing so serves the principal’s interest, considering factors that include minimizing estate, gift, and generation-skipping transfer taxes.
Gifting through an agent. Section 709.2202(1) permits an agent to exercise certain powers, including creating a trust, making a gift, changing a beneficiary designation or right of survivorship, and disclaiming property, only if the principal signed or initialed next to each specific power. Unless the document provides otherwise, section 709.2202(4) limits general gift authority to the annual federal exclusion per donee, or twice that amount where the spouse consents to split the gift under 26 U.S.C. 2513.
The health care surrogate. Section 765.202 requires the designation to be signed in the presence of two adult witnesses, bars the surrogate from serving as a witness, and requires that at least one witness be neither the principal’s spouse nor a blood relative. The document may name an alternate surrogate.
Trustees and personal representatives. Section 736.0802(1) requires a trustee to administer the trust solely in the interests of the beneficiaries, and section 736.0802(2) makes a self-interested transaction voidable by an affected beneficiary unless an exception applies, such as authorization in the trust terms or court approval. After death, section 733.702(1) generally bars claims against the estate that are not filed within three months after first publication of the notice to creditors or, for a creditor required to be served, 30 days after service, whichever is later.
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How We Approach a Wealth Transfer Plan
Assets, how each is titled, beneficiary designations, and prior taxable gifts.
Who should receive what, when, and who should act if you cannot.
Annual exclusion, basic exclusion, GST exemption, and basis considered together.
Wills, trusts, a durable power of attorney, and a health care surrogate designation.
Signed, witnessed, and acknowledged as the governing Florida statutes require.
Accounts retitled and beneficiary designations aligned with the plan.
The plan revisited when the law, the family, or the assets change.
FAQ
01 • Individuals and Families How much can I give each person in 2026 without a taxable gift?
26 U.S.C. 2503(b) excludes the first $10,000 of present-interest gifts to each person per year, adjusted for inflation, and the IRS lists that amount as $19,000 for 2026. Where spouses consent to split gifts under 26 U.S.C. 2513, the IRS lists a combined $38,000 per donee for 2026.
02 • Individuals and Families What is the federal estate tax exclusion for 2026?
26 U.S.C. 2010(c)(3)(A) sets the basic exclusion amount at $15,000,000, and the IRS lists $15,000,000 for 2026. A surviving spouse’s exclusion may also include a deceased spouse’s unused amount if the election in section 2010(c)(5)(A) was made on a timely estate tax return.
03 • Individuals and Families Does paying a family member's tuition or medical bills count as a gift?
Under 26 U.S.C. 2503(e), tuition paid to a qualifying educational organization on the individual’s behalf, and payments made to a medical care provider for the individual’s care, are not treated as gifts.
04 • Individuals and Families How does basis differ for gifted and inherited property?
Under 26 U.S.C. 1015(a), a gift generally carries over the donor’s basis. Under 26 U.S.C. 1014(a)(1), inherited property generally takes its fair market value at the date of death. The difference affects the gain measured under 26 U.S.C. 1001(a) when the property is sold.
05 • Individuals and Families Can my agent under a power of attorney make gifts for me?
Only if you signed or initialed next to the gift authority, as section 709.2202(1), Florida Statutes, requires. Unless the document provides otherwise, section 709.2202(4) limits that authority to the annual federal exclusion per donee, or twice that amount with a spouse’s consent to split the gift.
Individuals and families in Florida. Call (202) 860-1210 or describe your planning questions through the form. Free consultation. Every plan is evaluated against the statute text in force.
This page provides general information about federal transfer taxes and Florida planning documents and does not constitute legal advice or tax advice. Reading it does not create an attorney-client relationship with Industria Business Lawyers. Whether a tax applies, or a document is effective, depends on the facts and the law in force. Provisions cited were read on September 28, 2026 from the United States Code, Revenue Procedure 2025-32 and the Internal Revenue Service estate and gift tax pages at irs.gov, and the 2026 Florida Statutes at leg.state.fl.us.