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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