French Billionaire’s Inheritance Tax Troubles May Spell J-A-I-L Time, Learn Why.

Uncategorized • Jan 4, 2016

One thing people forget about after they win their Florida probate litigation trial is the tax man. Florida trust lawyers know that you cannot forget about the Internal Revenue Service (IRS). Check out this recent case involving a French billionaire’s colossal inheritance bill.

Paying the Taxman

Probate litigation attorneys are more than happy to share the good news Florida does not have an estate or inheritance tax!
But did they mention there is a catch?
There is always a catch.
Do not forget about Federal taxes on inheritance and estates.
Florida probate lawyers have to be wary not just of State taxes but of the Federal inheritance tax which can be quite high.
That being said there is a large exemption so that the majority of estates in this country are not subject to the tax.
Florida estate lawyers know that the federal exemption goes up every year and that for 2016 a joint filed couple may exempt almost eleven (11) million dollars.
Probate attorneys Florida also know that the IRS and other international taxing bodies are always on the look out for unpaid taxes.
Have you heard about the French Billionaire who could face jail time for not taking care of estate taxes?
Check it out.

The Wildenstein Tax Woes

Florida estate lawyers know that tax planning is important and that inheritance tax liabilities can be high and burdensome.
Often times you are inheriting assets that do not include liquid cash so paying a tax bill can be hard to do.
Guy Wildenstein a 70 year old French American billionaire has landed himself in hot water that could spell ten years in jail, for failing to follow the rules on inheritance tax.
The case follows an investigation into years of alleged coordinated attempts by the dynasty to place assets beyond the reach of the tax man.
Florida estate lawyers call this “tax evasion.”
Mr. Wildenstein is an art dealer turned race horse breeder who has received awards from the French government.
Now just a few years later he may be getting a French prison jumpsuit for avoiding taxes.
Are you avoiding inheritance tax liability?
Make sure to address this with an experienced Florida probate attorney that has done tax planning before.
Remember tax planning and tax evasion are two very different things.
It is perfectly fine to limit tax liability through planning but that is different than purposefully avoiding the taxman.

Want to learn more?

Check out this recent news article on the matter.

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