Florida does not have an inheritance tax per se. There is, however, a big U.S. estate tax, which is sometimes referred to as the Federal Estate Tax. What’s important when planning your Florida estate? How can you guarantee that, after you die, at least some of your money will be protected from estate tax? If you hire a good estate planning attorney, they should be able to assist you with tax minimization. Florida does not have an inheritance tax per se. There is, however, a big US Estate Tax, sometimes referred to as the Federal Estate Tax.
Federal Estate Tax
- When would a Florida estate owe federal taxes?
- Federal taxes would be owed if the net value of the estate, when the decedent dies, is more than the federal exempt amount.
- How much is the federal exempt amount?
- Currently the exempt federal amount is $5.45 million per individual.
- If you have issues regarding your Florida estate, you should contact a skilled Florida Trust and Estates lawyer.
Hillary Clinton’s Estate Plan
- According to a July 25,2016 article in Money Magazine, Hillary and Bill Clinton have a “detailed” estate plan.
- What can a detailed and well thought out estate plan do for the future of your money?
- West Palm Beach probate attorneys know that having an estate plan can help make the transfer of your money, after you die, much smoother.
- The article states that “through the establishment of property and insurance trusts, the couple has employed tax strategies that ensure that, after they die, at least some of their millions of dollars in assets will be shielded from estate tax.”
- To learn more about the Clinton’s estate plan and how they are minimizing estate tax, click here.