Will Estate Tax Be Repealed?

A September 13, 2017 article in The Washington Post reveals that the white house republican leaders will announce promised tax cut details very soon. In fact, the plan if for them to ” reveal new details of their goal of cutting corporate and individual taxes the week of Sept. 25.” What does this mean for estate tax? Will estate tax be affected? Will estate tax be repealed? What do probate litigators need to know about this possibility? 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. How could a tax reform affect inheritances in Florida? To read the entire article, click here.