Shareholder David E. Bowers, head of the Corporate & Tax and Private Wealth, Trusts & Estates practice groups, was among business and political leaders interviewed by Invest: Palm Beach for their 2021 edition which focuses on the Palm Beach County economy and key issues facing the region.
Our practice areas have been notably busier over the past 16 months, particularly our Real Estate, Private Wealth, Trusts & Estates and Corporate & Tax groups. The uncertainty everyone faced during the pandemic caused many of our clients to feel it was prudent to update wills and create trusts. Many others who run businesses needed guidance in the areas of employment law and PPP loans. The influx of companies and individuals relocating to South Florida due to quality of life and our beneficial tax system is increasing the demand for our services. Assisting clients in their planning and transition to Florida can be a complex process involving corporate filings, taxation, estate planning, homestead, and establishing domicile. I anticipate this upward trend continuing for the foreseeable future.
Additionally, proposals have come out of Washington that could dramatically change estate and gift tax liability on inherited wealth and most are looking to be effective in January 2022. Many of our clients are working with us to review their estate plans and tax strategies now to mitigate tax consequences prior to the enactment of new laws, so I expect that we'll remain busy in this area at least through the end of the year.
During the pandemic, we needed to address all new legislation and regulations in real-time, whether it involved health or economic issues. We formed a COVID-19 task force composed of attorneys from each practice area, and they were responsible for tracking changes on a federal, state and local level and following trends so that we could review, determine their impact and then provide recommendations and guidance to our clients.
I'm an optimist. I believe that Palm Beach County is going to continue to attract top-tier companies from other markets and increase the pool of talented professionals in the workforce. I think the legal sector will thrive and mirror the strong economic growth in this area. The legal community is an essential component of change and a partner to businesses and municipalities in shaping the future of Florida.
This firm, in my opinion, is uniquely positioned because of the emphasis we put on comprehensive client care, our history and depth of knowledge about South Florida and our ongoing commitment to excellence in the legal profession.
* Article reprinted with permission of Invest: Palm Beach publisher, Capital Analytics Associates.
Jones Foster is a commercial and private client law firm headquartered in West Palm Beach, Florida. Established in 1924, the Firm has served as an integral part of South Florida’s growth and prosperity for nearly a century. Through a relentless pursuit of excellence, Jones Foster delivers original legal solutions that help clients, colleagues, and the community to move forward. The Firm’s attorneys focus their practice in Real Estate, Litigation & Dispute Resolution, Private Wealth, Trusts & Estates, Corporate & Tax, and Land Use & Governmental. For more information, please visit www.jonesfoster.com.
