What to Know About Florida Estate Taxes
Florida residents can take solace in the fact that the state does not impose a state estate tax on the transfer of assets. This means that the estate’s value will not be subjected to state-level taxation. This provides some relief to beneficiaries.
However, there are potential federal estate tax implications. They may still apply based on the size of the estate.
Federal law governs the federal estate tax. It applies to estates with a total value exceeding the federal estate tax exemption threshold. This threshold is subject to change. It should be carefully monitored as part of the estate planning process.
If the estate’s value surpasses this threshold, federal estate taxes may be levied, potentially creating a significant financial burden on the estate.
The Estate Plan
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