When do I have to pay federal estate taxes? What are estate taxes? What is the federal exempt amount? Probate litigation attorneys know that Florida does not have independent estate or inheritance taxes. However, you should ask your estate planning attorney West Palm Beach whether you will still have to pay federal taxes.
Florida Probate Litigation and Estate Taxes
- 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.
- Estate planning lawyers Delray Beach know that a person who inherits will not have to pay a separate Florida inheritance tax.
- However, Florida residents who inherit from a Palm Beach trust or will should be aware that they may still owe federal taxes.
Federal Estate Tax
- 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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