Inheritance Taxes and Rockstar Prince’s Estate
In Florida probate litigation, what are estate taxes? What are inheritance taxes? Does Florida even have estate or inheritance taxes? Are inheritance taxes the same in every state? Should I consult a trust and estates lawyer in Palm Beach to help me handle my inheritance from a Florida trust? Will Prince’s estate owe a substantial amount of taxes?
Federal Estate Tax
- Probate lawyers West Palm Beach know that, 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.
Princes Estate Taxes
- Because Prince’s estate is estimated to be worth well over $5.45 million he will owe federal estate tax.
- According to a June 8,2016 report by ABC News, estate taxes have been “valued at approximately $300 million.”
- Therefore, Prince’s Estate may owe “more than half its cash value” in estate taxes!
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