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Serving All of Florida

Tampa Bay - Based Real Estate Law Firm providing comprehensive legal services for residential and commercial clients, including real estate disputes, closings, transactions, foreclosures, and more.

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Who We Are

At Levacy Legal, WE empower you to "Leave a Legacy" by providing expert legal counsel for real estate and business transactions. With a focus on making a lasting impact, we handle the complexities of your transactions so you can concentrate on what matters most—creating your legacy.

60+

YEARS OF LEGAL EXPERIENCE

2,000+

TRANSACTIONS CLOSED

Bishoy M. HabibReviewsout of 7 reviews

$13 BILLION

IN TRANSACTIONS CLOSED

Culture

Levacy Legal’s mission is to empower you to "Leave a Legacy", whatever that means to you. We help you create wealth by offering counsel and facilitating your real estate and business deals to close successfully while protecting you in the process. We are all in business because we want to make a lasting impact of some sort, and we understand the greater your resources, the greater your impact. Levacy Legal focuses on closing your deals, so you can focus on Leaving a Legacy.

Our firm, founded on the following core values, aims to deliver stellar legal services for real estate and business transactions:

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TESTIMONIALS

What others are saying

Meet the Team of Professionals

Bishoy M. Habib, Esq., M.B.A.

Mr. Habib is a highly experienced real estate and business attorney with a proven track record of success. With over 11 years of legal practice in Florida and New York, Mr. Habib has represented prominent developers, investors, and financial institutions in over 1,000 diverse and complex transactions totaling $12 Billion.

Managing Partner

C.J. Frieg, Esq.

Mr. Frieg is a seasoned attorney with over a decade of legal experience in Florida, began his career as an Assistant State Attorney for the 13th Judicial Circuit in 2009. His impressive courtroom skills have been demonstrated through the handling of thousands of cases and numerous trials.

Attorney Of Counsel

Christian Smith, Esq.

Estate Planning attorney Christian Smith helps families throughout the state of Florida. Christian was born in Jacksonville, Florida and was raised as a military brat while his mom was stationed at the Naval Air Station in Jacksonville.

Attorney Of Counsel

Brent Baris, Esq.

Brent Baris, a seasoned attorney with a diverse background in real estate and law, began his legal career working at a boutique law firm in Palm City, Florida, where he specialized in employment discrimination and commercial litigation. After five years in this niche, Brent formed Brent E. Baris P.A. in 1999, a firm initially focused on assisting friends and family with real estate transactions.

Attorney Of Counsel

Blogs

Ultimate Guide to Estate Planning for High Net Worth Individuals in Florida

Ultimate Guide to Estate Planning for High Net Worth Individuals in Florida

August 01, 20244 min read

Estate planning is a critical process for high-net-worth individuals (HNWIs) to ensure their wealth is preserved, managed, and transferred according to their wishes. In Florida, where many affluent individuals reside, creating a solid estate plan is essential. This comprehensive guide walks you through the crucial steps of estate planning tailored specifically for HNWIs in Florida.

Step 1: Assess Your Financial Situation

Gather Financial Information

Begin by taking a detailed inventory of your financial situation:

  • Inventory Assets: List all your assets, including real estate, investments, bank accounts, business interests, retirement accounts, and valuable personal property.

  • Determine Liabilities: List all debts, including mortgages, loans, and other obligations.

  • Net Worth Calculation: Calculate your net worth by subtracting liabilities from assets.

Identify Goals and Objectives

Define your estate planning goals:

  • Distribution of Assets: Decide how you want your assets to be distributed among heirs and beneficiaries.

  • Charitable Contributions: Determine if you want to leave part of your estate to charitable organizations.

  • Business Succession: Plan for the future of any businesses you own.

  • Tax Minimization: Identify strategies to minimize estate and gift taxes.

Step 2: Build Your Estate Planning Team

Hire Professionals

Assemble a team of professionals to guide you through the process:

  • Estate Planning Attorney: Essential for drafting legal documents and providing legal advice.

  • Financial Advisor: Helps assess your financial situation and plan for your financial goals.

  • Tax Advisor: Provides guidance on tax implications and strategies for minimizing taxes.

  • Insurance Advisor: Assists in evaluating life insurance needs for estate liquidity and protection.

Step 3: Create Essential Legal Documents

Draft a Will

Your will is a fundamental document that specifies how your assets will be distributed:

  • Executor Appointment: Designate an executor to manage your estate.

  • Guardian Appointment: Name guardians for minor children, if applicable.

  • Asset Distribution: Specify how your assets will be distributed.

Establish Trusts

Trusts provide more control and privacy over asset distribution:

  • Revocable Living Trust: Manage assets during your lifetime and distribute them after death without probate.

  • Irrevocable Trust: Provides tax benefits and asset protection but cannot be changed once established.

  • Charitable Trust: Enables you to support charitable causes and receive tax benefits.

Powers of Attorney

Ensure you have powers of attorney in place:

  • Durable Power of Attorney: Designates someone to manage your financial affairs if you become incapacitated.

  • Healthcare Power of Attorney: Appoints someone to make medical decisions on your behalf.

Healthcare Directives

Clarify your medical care preferences:

  • Living Will: Specifies your medical care preferences if you cannot communicate them.

  • HIPAA Authorization: Allows designated individuals to access your medical records.

Step 4: Implement Asset Protection Strategies

Homestead Exemption

Take advantage of Florida's homestead exemption to protect your primary residence from creditors.

Establish Business Entities

Use business entities to protect assets:

  • LLCs and Family Limited Partnerships: Protect business and personal assets from liability.

Offshore Trusts

Consider offshore trusts for additional protection against creditors.

Step 5: Plan for Estate and Gift Taxes

Federal Estate Tax Planning

Utilize federal exemptions and strategies:

  • Lifetime Gift Exemption: Use the federal gift tax exemption to transfer wealth during your lifetime.

  • Annual Gift Exclusion: Make annual gifts up to the federal exclusion limit ($17,000 per recipient in 2024) to reduce your taxable estate.

Florida Estate Tax

Benefit from Florida's lack of state estate tax, but stay informed on federal tax laws.

Income Tax Planning

Structure trusts to minimize income taxes for your heirs. Work with a tax advisor familiar with Florida laws to optimize your plan.

Step 6: Consider Life Insurance

Evaluate Life Insurance Needs

Ensure sufficient funds to cover estate taxes, debts, and expenses:

  • Estate Liquidity: Provide liquidity to pay estate taxes and other expenses.

  • Wealth Replacement: Use life insurance to provide for heirs if significant assets are donated to charity or used to pay taxes.

Types of Policies

Choose the right life insurance policies:

  • Term Life Insurance: Provides coverage for a specified term.

  • Permanent Life Insurance: Offers lifelong coverage and can build cash value.

Step 7: Review and Update Your Estate Plan Regularly

  • Life Changes

Update your estate plan to reflect major life changes such as marriage, divorce, birth, or death.

  • Changes in Law

Review your plan regularly with your attorney to ensure compliance with current laws.

  • Financial Changes

Adjust your plan to account for significant changes in your financial situation.

Step 8: Communicate Your Plan

  • Inform Beneficiaries and Heirs - Communicate your estate plan to avoid future disputes.

  • Keep Documents Accessible - Store your will, trusts, and other essential documents in a secure but accessible location.

  • Emergency Contacts - Ensure your executor, power of attorney, and other key individuals know how to access your documents.

By following these steps, high-net-worth individuals in Florida can create a comprehensive estate plan that protects their wealth, minimizes taxes, and ensures their wishes are carried out. Regular reviews and updates, along with professional guidance, are essential to maintaining an effective estate plan.


Estate planning for high-net-worth individualsFlorida estate planningHigh-net-worth estate planningWealth management FloridaAsset protection strategiesEstate planning attorney FloridaFinancial advisor for high-net-worth individuals
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Bishoy Habib

Bishoy has spent his entire 11 year legal career focused on real estate and financial transactions. He has represented developers, investors and financial institutions in transactions totaling over $12 Billion to date. Bishoy began his legal career in New York City, where he worked on commercial real estate transactions for a large hotel developer in Manhattan. When Bishoy moved back to Florida, he concentrated on finance law, representing local governments, banks, underwriters, bondholders and trustees in complex financings. Subsequently, Bishoy shifted his focus back to real estate, representing a wide array of real estate developers, builders, lenders and real estate brokerages for all their legal needs. Bishoy is an active member of the Florida Bar and the New York Bar. He is also a licensed real estate Broker in Florida. Outside of the legal profession, Bishoy enjoys playing sports and traveling. He also co-founded a sports event management company with high profile clients such as Jameis Winston, Todd Gurley, Le’Veon Bell, DeSean Jackson and the North Carolina Mens Basketball Team.

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