SE HABLA ESPAÑOL
SE HABLA ESPAÑOL
Get the IRS filings right and protect your family from penalties, delays, and unnecessary stress.
At Trust Counsel our estate tax compliance team in Coral Gables, help families navigate Form 706, valuations, foreign assets, and strict IRS deadlines with clarity, calm, and precision.
Get the IRS filings right and protect your family from penalties, delays, and unnecessary stress.
At Trust Counsel our estate tax compliance team in Coral Gables, help families navigate Form 706, valuations, foreign assets, and strict IRS deadlines with clarity, calm, and precision.
Losing someone you love is already difficult. But most families in Coral Gables don’t realize how quickly the IRS deadlines approach or how high the penalties can climb.
Just last year, a South Florida family waited too long to file their father’s estate tax return because the paperwork felt intimidating. That delay cost them $87,000 in penalties.
You might need Estate Tax Compliance if you…
Federal estate tax returns are due nine months after the date of death.
Not a year. Nine months. If the estate is worth more than $12.92 million, a federal estate tax return (Form 706) is required.
Many Coral Gables families are surprised by how quickly an estate can reach that threshold. The house your parents bought in 1985 for $200,000 may be worth $1.8 million today. Add retirement accounts, life insurance, and investment accounts, and the total can grow much faster than expected.
When families assume no filing is required and miss the deadline, the IRS can impose failure to file penalties of up to 5 percent per month of the tax due, plus interest.
Our role is to help you understand whether a return is required and to file it correctly and on time, so you avoid unnecessary penalties and stress.
Depending on the estate, you may need to file:
✓ Final personal income tax return
✓ Federal estate tax return (Form 706)
✓ Estate income tax return (Form 1041)
✓ State tax returns for property owned outside Florida
✓ Foreign asset reports (FBAR, Form 8938)
Each form has different rules, deadlines, and ways things can go wrong.
Coral Gables real estate is often the single biggest factor pushing families into estate tax filing territory.
That includes:
✓ Historic Coral Gables homes
✓ Multi-property portfolios
✓ Waterfront properties along Old Cutler or Granada
✓ High-value condos in the Gables and nearby Miami
With today’s market, even families who don’t consider themselves “wealthy” may cross the federal filing threshold.
The IRS requires accurate valuations as of the date of death.
That includes:
✓ Real estate appraisals by qualified professionals
✓ Exact date-of-death values for stocks, bonds, and investment accounts
✓ Business valuations by certified experts
✓ Accurate reporting of life insurance included in the taxable estate
One family valued their dad’s medical practice at zero because “it was just his job.”
The IRS valued it at $800,000 — plus penalties.
This is not the moment to estimate.
Many families here have assets across Latin America.
Common examples:
✓ Property in Colombia, Venezuela, or the Dominican Republic
✓ Bank accounts in Panama
✓ Investment accounts in Brazil or Mexico.
These must be reported.
Miss the foreign reporting requirements?
Penalties start at $10,000 per form.
To protect families, we help them avoid the most common (and expensive) errors:
✓ Missing the nine-month filing deadline
✓ Incorrect real estate or business valuations
✓ Forgetting to include foreign assets
✓ Filing the wrong tax forms
✓ DIY returns that trigger audits
✓ Relying on outdated information
✓ Assuming “small estate” rules apply
Fixing mistakes costs more than doing it right the first time.
Led by Managing Partner Leslie Marenco, Trust Counsel is a Coral Gables boutique firm with 15+ years of complex estate experience, real estate expertise, cross-border knowledge, and a calm, supportive approach.
Yes — Florida does not have a state estate tax, but federal rules still apply.
If the deceased owned the policy, yes — it’s included.
You must report it, and we can help you get the required valuations.
There are still options, but time matters. Call us immediately.
If you’re handling a loved one’s estate:
Make sure their legacy goes to your family, not the IRS.
Proper tax compliance protects their legacy — and your peace of mind.
Make sure their legacy goes to your family, not the IRS.
Proper tax compliance protects their legacy — and your peace of mind.