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Probate & Estate Taxes in Florida

Fort Myers Probate Lawyers – (239) 970-6844

When someone passes away and leaves behind an estate or assigns inheritances, many states will impose a tax on those items. State-level estate taxes and inheritance taxes – sometimes called death tax – take a portion of the estate’s or asset’s value. In Florida, a series of recent laws throughout recent years have actually eliminated state-level estate and inheritance taxes. Federal-level estate taxes do still exist.

Managing an estate and run into confusing tax laws? Contact our Fort Myers estate planning attorneys for all the help you need.

Federal Estate Taxes & Probate

The federal government is allowed to take a portion of an estate’s value after someone passes away. In 2016, the federal estate tax was raised to 40%. Before an estate can be taxed, its value must reach a threshold.

An estate can be affected by a federal estate tax if it is:

  • Valued over $5.45 million and controlled by one individual.
  • Valued over $10.9 million and controlled by two married spouses.

There is no federal-level inheritance tax. Any inheritance granted directly to a Florida resident from another Florida resident should not be lessened in value due to an imposed tax. If you live in Florida and receive an inheritance from someone living outside of Florida, there may be taxes based on the state of origin.

States that levy an inheritance tax, regardless of where the inheritor lives, are:

  • Iowa
  • Kentucky
  • Maryland
  • Nebraska
  • New Jersey
  • Pennsylvania

Reducing Your Federal Estate Taxes

Losing 40% of your estate’s value to taxes can be difficult to handle. You may have been planning on passing along assets and property to make your loved one’s lives easier after you pass away, only to find that the federal government will take a sizeable chunk of it. There are legal ways you can minimize your estate now to drop under the maximum exemption benchmark.

You may be able to reduce or remove federal estate taxes by:

  • Marrying (doubles limit to $10.9M)
  • Gifting assets to others
  • Purchasing specific life insurance policies
  • Exploring options through your company, partnership, or LLC

Carefully Plan to Meet Federal Obligations – Fort Myers Probate Attorney

If you are creating an estate plan or need to manage one during probate, it is crucial to consider federal-level estate taxes and their requirements. It is just as important to see what you can do to pass along as much of your estate to your loved ones as possible. To avoid getting mixed up with legalese and legal statutes, you can rely on Powell, Jackman, Stevens & Ricciardi, P.A. and our Fort Myers estate planning and probate attorneys. We help and represent clients throughout Lee County.

Call (239) 970-6844 or contact us online to learn more about estate taxes in Florida.

Meet Our Attorneys

  • William M. Powell, Esq.
    William M. Powell, Esq. Partner
  • Rita M. Jackman
    Rita M. Jackman Partner
  • Adam J. Stevens
    Adam J. Stevens Partner
  • Richard M. Ricciardi, Jr.
    Richard M. Ricciardi, Jr. Partner
  • Jorge Santana
    Jorge Santana Partner
  • William M. Powell, Esq. Partner
    William M. Powell, Esq.

    Although William M. Powell, Esq. is well-versed in a variety of legal matters and case types, he has built a strong reputation through his focus on personal injury and medical malpractice cases. Your Advocates are proud to have him as a member of our law firm. He shares our passion for helping people in need and prioritizes our clients’ needs. Read More

  • Rita M. Jackman Partner
    Rita M. Jackman

    Ms. Jackman’s unwavering ambition and leadership has provided clients and will provide her future clients a star in this profession. Ms. Jackman is a relentless researcher and preparer who handles her client tasks with a tremendous amount of preparation and thought. Ms. Jackman was born and raised in Cape Coral, Florida which has worked to benefits her practice and the clients that she serves. Read More

  • Adam J. Stevens Partner
    Adam J. Stevens

    Mr. Stevens has found his niche by becoming a litigation attorney and understands that communication between an attorney and client are paramount to obtaining favorable results. Mr. Stevens is known for taking on any and all types of cases no matter how difficult or routine they may be. Mr. Stevens is known as an aggressive attorney, though at the same time understands that some cases require a more patience to ensure a favorable result. Mr. Stevens does not shy away from challenging legal issues and has litigated complex matters against municipalities, international unions, large banking institutions, and several insurance companies. Read More

  • Richard M. Ricciardi, Jr. Partner
    Richard M. Ricciardi, Jr.

    His experience in litigation provides him the ability to identify and isolate potential areas of conflict and effectively counsel clients around potential pitfalls. Mr. Ricciardi believes that proper estate planning, real estate counsel, and business planning are areas of importance to everyone. Protecting and dispensing clients' various interests, assets, and lifetime earnings can make the difference between a comfortable retirement and wasting thousands of dollars in assets and earnings. Specialized knowledge, experience and attention to detail in these areas is therefore critically important. Read More

  • Jorge Santana Partner
    Jorge Santana

    Attorney Jorge J. Santana, Jr. is an American born Cuban-American, fluent in both English and Spanish. Jorge left Miami to join us here in beautiful and peaceful Fort Myers, Florida in March 2015. He has an extreme love for the law, which is only overshadowed by his desire to help all those in need. His reputation for fairness, hard work and honesty is respected by all his clients and attorneys. Read More

How We're Different:

  • Dedicated & caring service
  • 65 years' combined experience
  • One-on-one attention
  • Customized strategies
  • Accessible - 24 hour response time
  • El abogado habla español