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
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
- New Jersey
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
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.