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Federal Estate Taxes

Florida does not have an estate tax. However, even when a Florida resident's estate does not owe state estate tax, federal estate taxes may still be due, depending on the value of the gross estate. The gross estate includes trust assets, assets held in the decedent's name, jointly held property, accounts designating a beneficiary, life insurance, annuities, etc. The estate tax return (IRS form 706) is due 9 months after death.

Our experienced Florida estate planning lawyers will advise you about wealth transfer and tax planning strategies that may minimize or possibly even eliminate your heirs' federal estate tax burden. 

A significant number of Floridians eventually relocate to other states, often because of health issues and/or to be closer to family. If the possibility exists that you may return to or relocate to one of the 21 states that has its own estate tax - New York and New Jersey are among them - it may be appropriate to include tax planning in your estate plan, as a precautionary measure.

Whether it is federal estate taxes or state estate taxes, our estate planning attorneys will help you develop a plan that is up to date with current tax laws, takes the best advantage of them, and passes as much tax-free money as possible to your beneficiares.

 

Federal Estate & Gift Tax Rates(updated 1/1/2014)

 

Estate tax, gift tax, generation skipping tax
effective Jan. 1, 2014
 

Lifetime Exemption

Top Tax Rate

Notes

Estate Tax

Individual: $5.34M
Married Couple:
$10.78M
40%

Portability provision applies: Surviving spouse may use any unused portion of deceased spouse's estate tax exemption.

Gift Tax
Individual: $5.34
Married Couple:
$10.78

40%

Portability provision applies: Surviving spouse may use any unused portion of deceased spouse's estate tax exemption.

Unified Estate Tax and Gift Tax Exemption: Taxable gifts are deducted from lifetime estate tax exemption. For example, if a person makes taxable gifts totalling $2 million during his lifetime, he will have only $3.34 million estate tax exemption left over that may be passed at death ($5.34 million estate tax exemption minus $2 million used gift tax exemption).

Generation Skipping
Tax
Individual:
$5.34
Married Couple: $10.78
 40%

Applies to gifts made to grandchildren, great-grandchildren and even more distant generations. For tax purposes, the "skip person" may be a real person, but can also be a trust in which all interests are held by skip persons, or a trust in which no person holds an interest and from which no distribution may be made to a non-skip person

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