Florida does not have an estate tax. However, federalestate tax may still be due on a Florida resident's estate, 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 elder law attorneys are available for consultation regarding wealth transfer and tax planning strategies that may minimize your heirs' estate tax burden. Our Florida elder care attorneys will be happy to review your estate plan to make sure it is up-to-date with regard to tax planning, or help you establish one, so that your planning takes best advantage of current laws.
Federal Estate Tax & Gift Tax Rates
Estate tax, gift tax, generation skipping tax
effective Jan. 1, 2011 through Dec. 31, 2012
Lifetime Exemption
Tax Rate
Notes
Estate Tax
Individual: $5.M
($5.12M on 1/1/2012)
Married Couple:
$10M($10.24M on 1/1/2012)
35%
Portability provision applies: Surviving spouse may use any unused portion of deceased spouse's estate tax exemption.
Gift Tax
Individual: $5M
($5.12M on 1/1/2012)
Married Couple:
$10M
($10.24M on 1/1/2012)
35%
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 million estate tax exemption at death ($5million estate tax exemption minus $2million used gift tax exemption)
Generation Skipping
Tax
Individual:
$5M
($5.12M on 1/1/2012)
Married Couple: $10M
($10.24M on 1/1/2012)
35%
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
