Tax Law Attorney
in Daytona Beach, Florida
Practical Tax Solutions for Individuals, Families,
Business Owners, Trustees and Personal Representatives
Whether you are planning fort the future, administering an estate, or navigating a complex tax issue, Kaney Law provides thoughtful legal guidance designed to minimize taxes while protecting your assets and long-term goals.
LL.M. in Taxation
New York University
25+ Years of Experience
Why Work With a Tax Attorney?
Business Tax Planning
Entity Selection, Corporate Governance, Business Succession Plans, Resolution of IRS Disputes and more.
Common Scenarios
Selling a Business
Selling a business can trigger significant income tax and capital gains tax consequences. Careful planning before the sale may help reduce taxes, maximize after-tax proceeds, and coordinate your business succession and estate planning goals. We work with business owners to evaluate tax-efficient strategies before transactions are finalized.
Inherited Property
Inheriting real estate or investments often raises questions about taxes, ownership, and what to do next. Fortunately, inherited assets may receive a step-up in basis, which can significantly reduce capital gains taxes if the property is later sold. Understanding your options before making decisions can help preserve your inheritance.
Rental Properties
Rental property owners face unique tax and estate planning considerations. Proper ownership structures, depreciation, capital gains planning, and succession strategies can help protect your investments while minimizing unnecessary taxes. We can help you coordinate your tax planning with your long-term estate and business goals.
Blended Families
Blended families often require careful planning to balance the needs of a surviving spouse with children from prior relationships. Without proper estate planning, unintended tax consequences and family disputes may arise. A well-designed plan can protect your loved ones while carrying out your wishes.
Legacy Planning
Whether your goal is providing for your family, supporting a favorite charity, or preserving wealth for future generations, thoughtful tax planning can help maximize what your beneficiaries receive. We can help you develop strategies that align your financial objectives with your personal values.
Closely Held Business
For many business owners, the business represents their largest asset. Tax-efficient succession planning, buy-sell agreements, business entity selection, and coordinated estate planning can help preserve the value of your company while preparing for retirement, disability, or future ownership transitions.
Future Estate Taxes
Although relatively few families owe federal estate tax, changing tax laws and increasing asset values can affect future planning. Strategic gifting, trust planning, charitable planning, and business succession strategies may help reduce estate taxes while preserving wealth for future generations.
Loss of Loved One
Administering an estate often involves filing final income tax returns, trust or estate income tax returns, obtaining tax identification numbers, and addressing basis issues for inherited assets. Coordinating tax compliance with the probate process can help avoid unnecessary delays and expenses.
Protect Family Wealth
Estate planning is about more than preparing documents. Coordinating your estate plan with thoughtful tax planning can help preserve assets, reduce unnecessary taxes, and provide financial security for your family for generations to come.
Why Clients Choose Kaney Law
LL.M. in Taxation - New York University
25+ Years of Experience
Integrated Estate, Business & Tax Planning
Personalized legal advice - not cookie-cutter solutions
Convenient Daytona Beach office serving clients throughout Volusia & Flagler Counties
Related Resources
FREQUENTLY ASKED QUESTIONS
Why should I hire a tax attorney with an LL.M. in Taxation?
An LL.M. (Master of Laws) in Taxation is an advanced graduate law degree focused exclusively on tax law. Attorney Elan Kaney earned her LL.M. in Taxation from New York University, one of the nation's leading tax law programs. This advanced education complements more than 25 years of legal experience, allowing her to provide sophisticated tax planning integrated with estate planning, probate, and business law.
Do I need to hire a tax attorney or a CPA?
Tax attorneys and CPAs often serve different roles. CPAs typically focus on tax preparation, bookkeeping, and accounting matters, while tax attorneys provide legal advice regarding tax laws, business transactions, estate planning, trusts, and complex tax issues. In many situations, your tax attorney and CPA work together to develop the most effective strategy.
Can a tax attorney represent me before the IRS?
Yes. A tax attorney may represent clients before the Internal Revenue Service in many matters, including audits, appeals, collections, and other federal tax issues. Legal representation can be particularly valuable when tax questions involve legal rights, business transactions, or estate planning.
How can estate planning reduce taxes?
Proper estate planning may help reduce estate taxes, gift taxes, income taxes, and capital gains taxes. Strategies such as trust planning, lifetime gifting, charitable planning, and thoughtful beneficiary designations can preserve more of your wealth for your loved ones.
What is a step-up in basis?
A step-up in basis generally adjusts the tax basis of inherited assets to their fair market value as of the owner's date of death. This often reduces or even eliminates capital gains taxes if the asset is later sold. Proper estate planning can help maximize the benefits of this important tax rule.
Should my business be an LLC or a corporation?
The best business entity depends on many factors, including liability protection, tax treatment, ownership structure, future growth plans, and succession planning. Choosing the wrong entity can create unnecessary taxes or administrative burdens. We help clients evaluate the advantages and disadvantages of each option based on their specific goals.
Will my heirs have to pay income tax on their inheritance?
Generally, beneficiaries do not pay federal income tax simply because they receive an inheritance. However, inherited assets may generate taxable income after they are received, and certain assets—such as traditional retirement accounts—may have their own income tax rules. Every situation is different, and proper planning can help minimize unnecessary taxes.
What is the federal estate tax?
The federal estate tax applies only to estates exceeding the federal exemption amount in effect at the time of death. While relatively few families currently owe federal estate tax, exemption amounts can change over time. Individuals with substantial assets should periodically review their estate plan to ensure it remains tax efficient.
Can gifting reduce estate taxes?
Yes. Strategic lifetime gifting may reduce the size of a taxable estate while allowing you to assist children, grandchildren, or charitable organizations during your lifetime. Gift tax rules are complex, and large gifts may require the filing of a federal gift tax return even when no tax is immediately due.
Are trusts taxed differently than individuals?
Yes. Trusts are subject to their own income tax rules, and certain trusts reach the highest federal income tax brackets at much lower income levels than individuals. The type of trust, the source of the income, and whether distributions are made to beneficiaries all affect how trust income is taxed.
What taxes should a Personal Representative expect during probate?
Administering an estate often involves filing the decedent's final income tax return, determining whether an estate income tax return is required, obtaining a taxpayer identification number for the estate, and addressing basis issues for inherited assets. Proper tax planning during probate can help avoid costly mistakes.
How often should I review my tax and estate plan?
Tax laws and personal circumstances change over time. We generally recommend reviewing your estate and tax planning every three to five years, or sooner if you experience a significant life event such as marriage, divorce, retirement, the birth of a child, the sale of a business, or a substantial change in assets.
