Estate Tax Planning
Florida Taxes & Federal Exemptions
– HOW DO FLORIDA ESTATE TAXES WORK
Florida is an unusual haven for estate tax planning. Our state repealed its estate tax when the federal government stopped allowing residents to deduct the state estate tax along with the federal tax.
The federal estate tax is subject to a variety of vagaries, though, that include the value of assets and what time period is used to determine the value of those assets.
Solid Estate Plan
Often, it can seem like taxes follow you everywhere. When you pass, your estate may be subject to taxes too, so making sure you have a solid estate plan that accounts for taxation is an important part of protecting and furthering your legacy.
The potential for federal gift and estate tax law changes is significant. Should any changes occur, you need to review your existing estate plan to ensure that you have the best plan in place.
Estate Federal Taxes
What Does That Mean for My Estate’s Federal Taxes?
A very simple way to think about federal estate tax is to think that not many people know when they will pass, so knowing what standard will be used to evaluate the value of assets is unlikely.
The federal government has a staggered set of rules for determining the value of assets and what taxes are applicable during a particular year, though, so, unfortunately, there is not much that is simple about estate taxes.
Essentially, you need a knowledgeable attorney to help you leverage your financial situation and your assets in order to manage your estate in the best way possible for you and your heirs.
Our firm has been helping South Florida families plan their estates for years, and we are prepared to help you do the same.