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Florida Law Firm Adept at Business and Estate Planning Strategies

Experienced Ocala lawyer helps protect the value of clients’ estates

At Law Office of W. Michael Parrott, PLLC in Ocala, I draw upon more than 40 years of experience to address my client’s estate planning concerns with the objective of providing an effective, custom-designed estate plan at a reasonable cost. I work with clients to minimize the potential for obstacles in the administration of their estate and to lessen the impact of estate taxes.

Innovative attorney committed to finding the right process for the right plan

When you engage my firm for estate planning, I will advise you on giving careful thought about your goals, the persons you want to benefit, and those to whom you will entrust the responsibility of administering your plan when you can no longer do so. I begin with steps that are designed to discover:

  • Exactly what you want to accomplish with your estate plan (both during your life and at your death), all of this based on your most heartfelt aspirations and goals concerning your estate and those whom you want to benefit, including yourself.
  • The make-up of your present estate, including assumptions (that you provide us) about changes that could happen in the future.
  • The structure and operation of your present plan.

After you decide to implement an estate plan, I will draft the essential documents, including wills, trusts and instruments for estate and gift tax planning.

Accomplished in guarding against state and federal tax implications

Tax laws can have unintended consequences for an estate. Florida tax law can be especially complicated, especially when it comes to the interplay between state and federal requirements. I advise my clients on the tax-related implications of estate planning. Of particular importance to high-net-worth clients are the rules governing federal estate and gift taxes. Florida has no inheritance tax, and inherited property is not subject to income tax either. However, the estate itself may be subject to income tax and must file state and federal returns.

My experience as a Certified Financial Planner (CFP) gives me a perspective that is informed by a significant knowledge of financial issues. I help clients form tax strategies for conserving wealth, managing their retirement income and providing care for parents and long-term care for themselves.

Protecting business interests and rights upon succession

If you are a business owner, it is important to create a succession plan using the right legal structures to assure proper operation of the business, to obtain desirable tax results, and to reduce exposure of the business and your other assets to claims of potential judgment creditors. Taking reasonable steps to reduce your exposure to claims of potential judgment creditors should always be considered, especially if you are involved in a “high risk” business or profession. Ours is a litigious society, and an estate plan that has not addressed the risk of a potential lawsuit is not complete.

Legal decisions can impact your business’ health and financial standing, but I can be by your side to help you understand and plan for the consequences of choices.

Consult a dedicated estate planning firm in Florida to arrange an initial consultation

Whatever your business or estate planning needs, I am committed to effectuating smart solutions while protecting your assets. To set up your initial consultation, call Law Office of W. Michael Parrott, PLLC at 352-789-6050 or contact me online.

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