One part of Florida probate litigation and estate administration you may not have thought about is taxes. Florida trust lawyers know that unlike many States, Florida does not have an inheritance tax. As of tomorrow, Tennessee will join the ranks of States without a “death tax.” What do you need to know from your Florida probate attorney about Federal inheritance tax?
Tennessee Joins Florida and Ditches Death Tax!
- Florida estate lawyers know that Florida itself does not have an inheritance tax.
- After a four year phase out Tennessee inheritance tax is expiring on January 1.
- This is big news for our not so distant neighbor, as they have had an inheritance tax for almost a century!
- Rates used to range from 5.5 to 9.5 percent.
- How does that play out against other States?
- Estate lawyers in Florida know that it cannot hold a candle to Florida’s rate of zero!
- That being said, what about Federal tax rates?
- Can a Florida probate attorney help you avoid it?
- Probate attorneys Florida know it may not even apply to you.
What About Federal Death / Inheritance / Estate Tax?
- Florida estate lawyers know that unlike Florida’s government, the Federal government taxes inheritance.
- Not only that they do it quite harshly.
- What is the rate? About 40%!
- The thing is that there is a relatively high exemption.
- If you are a single person you get an inheritance tax exemption of almost 5.5 million dollars!
- That doubles if you are filing jointly (i.e. married).
- In other words the tax does not apply to the overwhelming majority of Florida estate administrations.
- Florida trust lawyers know that you may also be able to use trusts to limit your tax liability.
- Do you know how?
- Talk to an experienced Palm Beach trust lawyer to learn about how to limit your tax liabilities.
- West Palm Beach real estate investors should also be aware that if they are foreign investors there are limits on their exemptions.
- In fact if you are not a green card holder or resident you may have only a 60,000 dollar exemption as opposed to the millions others have.
Want to learn more about how Tennessee has finally axed the death tax?
Check out this recent news article.
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