If I Live in Orlando is There an Estate Tax?

What are inheritance taxes? What is the federal exempt amount? If I inherit a million dollars from my grandfather in Orlando, will I have to pay estate tax? Does Florida have an estate tax? Orlando trust and estates lawyers know that Florida does not have independent estate or inheritance taxes. However, you should ask your estate planning attorney whether you will still have to pay federal taxes.

On July 15,2017, USA Today published an article regarding estate and inheritance tax. Trust and estates lawyers know that federal taxes would be owed if the net value of the estate, when the decedent dies, is more than the federal exempt amount. Currently the exempt federal amount is $5.49 million per individual. Luckily, Florida does not impose a state inheritance or estate tax. The article includes a chart that identifies which states DO impose state estate taxes in addition to the federal taxes. To read the entire article, click here.