The Greatest Change to Florida Estates in Decades — both houses of Congress just passed the Tax Cuts & Jobs Act of 2017
An end of year Christmas present which has a profound impact on families, small businesses and estate planning lawyers. If you are planning your estate, you will want to speak with your probate attorney in Florida .
Why? Well the income tax rates for money that stays in trusts, so called “complex” trusts, like multi-generational family trusts, has changed. And the amount of money, property and real estate which you can “leave” free of the estate tax has gone up to $10 Million! If you are married and you plan your estate with your spouse – something that Florida estate planning attorneys would say is less common than ever before – that means you both can give away a combined $20 Million free of the estate tax. But be cautious and talk to your CPA, or whoever files your Federal Form 709 gift tax returns. Why? The new tax law has specific provisions for what to do with prior gifts and making gifts going forward. Many wealthy Floridians make gifts each and every year to family members and loved ones. You have to track those gifts on a gift tax return. Yes, even though President Trump’s new tax law has focused on individual income tax rates, the corporate tax rate reduction, and small businesses and “pass through” entities, there are important changes for estates and trusts. Talk to your Florida estate lawyer and CPA now. To read more, click here.