Tax & Business
Lance Lvovsky provides tax planning and compliance services to high-net-worth individuals and families, family offices, and closely held businesses. Mr. Lvovsky advises clients on business succession planning; real estate tax strategies; income, trust, and estate tax planning; post-mortem asset distribution planning and funding of trusts; charitable giving and inter-generational family wealth.
Mr. Lvovsky consults with fiduciaries and beneficiaries on trust and estate administration, the rendering of fiduciary accountings, and the preparation of estate, gift, and trust tax returns. His practice is focused largely on the transfer and preservation of family wealth, asset distribution planning, and estate/trust administration.
Frequently, Mr. Lvovsky’s involvement includes administration and tax return preparation of various trusts, including life insurance trusts, charitable trusts, design and implementation of irrevocable trusts pursuant to a gift and estate tax planning program, and other entities utilized in family wealth planning. From a planning perspective, Mr. Lvovsky has implemented strategies to utilize legal entities and trust structures that reduce income taxes, and wealth transfer taxes (i.e., gift, estate, and generation-skipping transfer tax). This experience has parlayed into Mr. Lvovsky’s representation and administration of investment holding companies with customized structures that include trusts and other wealth preservation vehicles.
Mr. Lvovsky represents private foundations and charitable trusts, advising clients on accounting and tax issues that arise, and proper administration of these charitable vehicles.
In addition to trust and estate tax law, Mr. Lvovsky has experience in the preparation of complex individual income tax returns, including individuals and corporate executives with multi-state exposure, retirement account planning, and stock options planning. He regularly advises clients on tax efficient strategies, including the use of trusts, insurance, and entity planning to preserve and generate wealth for future generations and charitable intentions.
His business entity representation includes investment holding companies, real estate companies, and family businesses.
Mr. Lvovsky is frequently involved in fiduciary litigation support related to tax and accounting issues, such as opining on fiduciary income tax issues (e.g., Form 1041), fiduciary accountings under state statutes, interpretation and application of statutes when a fiduciary has possession of non-marketable assets, such as a closely held business interest, installment notes, life insurance, real estate, etc. His knowledge of tax laws and state statutes appeals to clients and legal counsel.
Mr. Lvovsky is a frequent speaker on estate, gift (including generation skipping transfer tax), and trust taxation matters. His speaking primarily covers estate planning, estate and trust litigation and estate and trust administration. Mr. Lvovsky has also participated in presentations relating to cryptocurrency tax matters.
Early on, Mr. Lvovsky was a co-founder of an online company focusing on the manufacturing and distribution of tennis equipment. A former Division 1 athlete, his tennis company served a niche market. Participating in the sale and later succession of his own company has provided him with business acumen that clients have come to appreciate.
Professional & Civic Affiliations
- Jewish Federation of Broward County Young Leadership Division Board Co-Chair (2022 – Present), Campaign Co-Chair (2021 – Present); Board Member (2017 – Present)
- Jewish Community Foundation, Advisors Philanthropy Initiative, Steering Committee Member
- Joint Tax & Estate Seminar, Steering Committee Member
- American Institute of Certified Public Accountants, Member
- American Institute of Certified Public Accountants, Tax Division
- American Israeli Public Affairs Committee – Broward Young Professionals, Member
- Florida Institute of Certified Public Accountants, Member
- HANDY – NextGen, Past Member
- Broward Performing Arts Foundation – Ghost Light Society, Past Member
Awards & Accolades
- Young Horizons Award, Florida Institute of CPAs, 2021
- Up & Comer Award – Accounting, South Florida Business & Wealth Magazine, 2019
- 40 Under 40 CPAs in USA, CPA Practice Advisor, 2018
- Soaring Eagle Honoree, Florida Gulf Coast University Alumni Association, 2017
Articles & Presentations
- Trust Accountings: Legal and Accounting Requirements, Best Practices, Common Pitfalls, Webinar, Brinkley Morgan and Marcum, July 2021 and February 2022
- Deferring Estate Taxes: Considerations for the Business Owner, Marcum Tax Alert, April 2021
- Deducting Trust and Estate Charitable Donations: Trust Provisions and Wills, Recent Court Cases, Reporting Issues; Strafford; December 2020
- An Overview of the SECURE Act, Financial Planners Association (FPA) – Miami Chapter, Webinar, June 2020
- Returning to Normal: Trust & Estate Planning during and after the Pandemic, Webinar, BergerSingerman and Marcum, May 2020
- Estate Planning During the Coronavirus Pandemic, Marcum Tax Publication, May 2020
- Tax and Accounting Issues Facing the Cannabis Industry, Panelist, Cannabis Law, Accounting, and Business, July 2019
- Tax & Estate Planning for Business Owners, Estate Planning Council of Greater Miami, May 2019
- Heckerling Estate and Income Tax Planning Update, Greater Fort Lauderdale Tax Council, February 2019
- Article – Fiduciary Income Tax Planning Utilizing the § 645 Election, Marcum Tax Alert, February 2019
- Income Tax and Business Planning for Dentists and Their Practices, Broward County Dental Association, January 2019
- Understanding Tax Planning and Tax Compliance for Cryptocurrency, Panelist, Financial Planning Association of Miami, September 2018