Do you know why trusts are becoming more and more popular as estate planning substitutes in West Palm Beach? Although Florida has no State inheritance tax you may be subject to the Federal estate tax. Do you know the rules? Check out what a trust can do for you and your family in West Palm Beach.
Estate Planning and Trusts
- An estate plan is an important part of your life that should be revisited several times.
- You may want to update your West Palm Beach estate plan after you married, divorce or have kids.
- More and more, people are avoiding the unnecessary time and expense of probate by using trusts instead of wills.
- Did you know trusts might also create various tax advantages for your estate?
- Experienced West Palm Beach probate litigators may be able to help you avoid theFederal Estate Tax through the use of trusts.
- How much do you know about inheritance and estate taxes in West Palm Beach?
Inheritance Tax
- The inheritance tax in this country is steep to say the least.
- You may be on the hook for a forty percent (40%) tax.
- The good news is there are exemptions.
- If you are not married you can exempt about 5.43 million dollars and if you file jointlythen you can double that.
- So a married couple with an estate worth less than 10.86 million dollars does not have to worry about the estate tax.
- So what happens if you are fortunate enough to have an estate over eleven million dollars?
- Experienced West Palm Beach estate planners and probate litigators know that a 40% tax is steep to say the least, but there are ways to get around the tax.
- For example did you know that certain trusts may have the added advantage of getting you around the estate tax.
- Florida does not have a State estate tax so you do not have to worry about them going after your West Palm Beach inheritance.
- That being said the Feds want their money so if you think your estate is pushing the ten million dollar mark it may be time to consult an experienced Palm Beach attorney on the matter.
- A few bucks in legal bills could save you millions of dollars when the estate tax comes knocking.
- Does your estate plan take into account the various tax issues?
- Have you considered both applicable State and Federal taxes?