Probate & Estate Taxes in Florida
Fort Myers Lawyers – (239) 970-6844
When someone passes away and leaves behind an estate or assigns inheritances, many states will impose a tax on those items. State-level estate taxes and inheritance taxes – sometimes called death tax – take a portion of the estate’s or asset’s value. In Florida, a series of recent laws throughout recent years have actually eliminated state-level estate and inheritance taxes. Federal-level estate taxes do still exist.
Managing an estate and running into confusing tax laws? Contact us for the help you need.
Federal Estate Taxes & Probate
The federal government is allowed to take a portion of an estate’s value after someone passes away. In 2016, the federal estate tax was raised to 40%. Before an estate can be taxed, its value must reach a threshold.
An estate can be affected by a federal estate tax if it is:
- Valued over $5.45 million and controlled by one individual.
- Valued over $10.9 million and controlled by two married spouses.
There is no federal-level inheritance tax. Any inheritance granted directly to a Florida resident from another Florida resident should not be lessened in value due to an imposed tax. If you live in Florida and receive an inheritance from someone living outside of Florida, there may be taxes based on the state of origin.
States that levy an inheritance tax, regardless of where the inheritor lives, are:
- Iowa
- Kentucky
- Maryland
- Nebraska
- New Jersey
- Pennsylvania
Reducing Your Federal Estate Taxes
Losing 40% of your estate’s value to taxes can be difficult to handle. You may have been planning on passing along assets and property to make your loved one’s lives easier after you pass away, only to find that the federal government will take a sizeable chunk of it. There are legal ways you can minimize your estate now to drop under the maximum exemption benchmark.
You may be able to reduce or remove federal estate taxes by:
- Marrying (doubles limit to $10.9M)
- Gifting assets to others
- Purchasing specific life insurance policies
- Exploring options through your company, partnership, or LLC
Carefully Plan to Meet Federal Obligations – Fort Myers Attorney
If you are creating an estate plan or need to manage one during probate, it is crucial to consider federal-level estate taxes and their requirements. It is just as important to see what you can do to pass along as much of your estate to your loved ones as possible. To avoid getting mixed up with legalese and legal statutes, you can rely on Powell, Jackman, Stevens & Ricciardi, P.A. and our Fort Myers attorneys. We help and represent clients throughout Lee County.
Call (239) 970-6844 or contact us online to learn more about estate taxes in Florida.
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