High value estates have additional laws and regulations beyond the typical probate administration process. For instance, estates that are valued in excess of $11.58 million are actually taxable at the federal level. Simply put, large estates with significant wealth and inheritance have more complex laws, and require specialized legal expertise.
At Di Pietro Partners we have specialized knowledge of both state and federal law and have significant experience in Florida probate cases involving large estates. Our law firm is large enough to handle complex probate matters yet small enough to provide highly personalized services specific to your needs.
Our lawyers represent clients through legal matters such as:
- Estate Administration
- Complex Estate Litigation
- Estate Tax Avoidance or Reduction
- Estate Planning & Private Wealth Services
- Trust Administration
- Legal Disputes Involving Trusts
- Business Planning & Corporate Structuring
Regardless of the size of your estate, our legal team is well equipped to handle your individual estate planning needs.
What’s Considered a High Value Estate?
There are two primary ways of defining a “high value estate.” First, is whether or not it’s taxable at the federal level. The IRS has specific laws on estate taxes which are constantly changing. According to the IRS:
“A filing is required for estates with combined gross assets and prior taxable gifts exceeding… $11,580,000 in 2020.” (IRS, 2020, Estate Tax)”
Anything below this threshold, for an individual, is not taxed federally.
Secondly, high value estates can also be one that involves complex administration of not only probate, but various tax shelter trusts.
Many estates can avoid paying estate taxes as there are various avenues of tax avoidance on the planning side.
High Value Estate Administration
When it comes to the administration of a large estate, there are legal considerations at both the state and federal level. For example, Florida has its own legal process for the distribution of assets and inheritance through probate court. Additionally, there are many federal laws regarding estate taxes, gift taxes, trusts, annuities, etc.
When someone passes away in Florida and leaves behind a large estate, it’s beneficial to work with an attorney that specializes in Florida probate law and has knowledge of various federal laws.
Doing so helps to minimize or avoid taxes on the estate and will ultimately save a great deal of time and resources when going through the probate court system.
Many law firms structure their fees based on a percentage of the estate. When the estate is very large, this number can be quite substantial. In most cases, we structure our fees based on hourly rates as opposed to a percentage. This is typically far more ideal for the client since pricing will be reflective of the amount of work provided as opposed to based on their individual “wealth.”
At Di Pietro Partners we consider ourselves a small, yet, elite team of attorneys who provide highly personalized representation to our clients.
While we cannot compete with the large firm volume, we can offer a much more personal connection with the client. Large firms are notorious for being disconnected from the client. Our firm can provide a more understanding and personal attorney/client relationship that mega firms cannot hope to adopt. This places our clients in a position that is the same or better than the larger firms for less money, while giving them a closer connection to their attorney.
High Value Estate Litigation
When one or more of the beneficiaries has a valid legal objection with the administration of an estate, they may file a dispute in court. When this occurs, each party enters into litigation in order to determine who’s entitled to what amount of the assets and inheritance contained within the estate.
The lawyers at Di Pietro Partners specialize in complex litigation cases. This includes:
- Legal Disputes Involving Trusts
- Breach of Fiduciary Duty by The Trustee
- Mental Capacity Issues
- Undue Influence Over The Settlor
- Disputes Among Beneficiaries
- Issues Involving Creditors
- Excessive Trustee Compensation
- Contested Wills
Our experienced team of litigation attorneys can represent you through complex disputes over high value estates and ensure your legal rights are upheld.