In Florida probate litigation, what are estate taxes? What are inheritance taxes? Does Florida have estate or inheritance taxes?
Florida Estate Tax
- What are estate taxes?
- Taxes imposed on the person who owns property in the state where they died.
- What are inheritance taxes?
- Taxes imposed on people who inherit property from a resident of a state.
- Does Florida have estate or inheritance taxes?
- Florida does not have independent estate or inheritance taxes.
- Florida probate lawyers know that this is great news because, in most cases, the heirs and beneficiaries of a Florida estate will be able to inherit without having to pay tax.
- This is a benefit of being a Florida resident.
Federal Estate Tax
- However, even in Florida, you could owe federal estate taxes.
- 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.
Want to learn more?
Click here to check out a recent Forbes article about federal estate tax exemption.
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