Florida Taxes & Federal Exception

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 considers taxation is an important part of protecting and furthering your legacy.
The potential for federal gift and estate tax law changes is always present. Should any changes occur, you need to review your existing estate plan to ensure that you have the best plan in place.

Florida is an unusual haven for estate tax planning. Our state repealed its estate tax when the federal government stopped allowing residents to get credit for the state estate tax paid on the federal estate tax return.
The federal estate tax is subject to a variety of vagaries that include the value of assets and the time period used to determine the value of those assets.

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, 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.