Estate Taxes in Florida

904.203.8776

Estate taxes are paid by a decedent's estate, which means heirs to the estate lose out of benefits. There are ways to reduce or avoid estate taxes, but they do not always apply. Speaking to an experienced estate planning attorney in Florida is the best way to create a plan that benefits you today and protects your loved ones tomorrow.

Estate law in Florida can easily become complex and it undergoes changes often, making it hard for clients to stay current. At Asbury Law, our estate planning lawyer will thoroughly review your estate and advise you accordingly. We know that informed clients make the best decisions about their finances. Contact us today either online or at 904.203.8776 to schedule a Free Initial Consultation (up to 30 minutes).

What is an Estate Tax in Florida?

Some states have an estate tax that must be paid when a person dies. This tax applies regardless of who inherits. Typically, the executor files a single estate tax return and pays the tax out of the funds of the estate. 

An estate tax differs from an inheritance tax in that the beneficiary (or person inheriting from the decedent) is responsible for paying an inheritance tax. An estate tax and an inheritance tax are both different from a gift tax, which only applies to transfers that are made during the giver's lifetime. 

Understanding Florida Estates: State versus Federal Estate Taxes

Some states have an estate tax, while others have an inheritance tax, and still others have neither. However, there is a federal estate tax that is applicable to all states. Fortunately, the exemption amount is so high most people do not have to pay a federal tax. 

For the year 2022, the federal exemption for an individual is $12.06 million, which means that they may leave their beneficiaries up to $12.06 million in property without having to pay any estate tax.

Who Pays the Estate Tax?

When someone dies, there is a person that is appointed in the decedent's Will, or by the court if there is no Will, that is in charge of administering the estate of the deceased. In some states, this person is known as the personal representative while in others they are known as the executor. 

No matter what they are called, this is generally the person that is responsible for handling the payment of the estate tax. It is paid from the estate prior to its being distributed among the beneficiaries. 

How to Avoid Estate Taxes

There are different ways to avoid having to pay an estate tax, including:

  • Gifting property to family members;
  • Creating a trust; and
  • Donating property to a charity.

Which of these ways, if any, can apply will depend on the state and circumstances of each individual situation.

Benefits of Hiring an Estate Planning Lawyer in Florida

An estate planning attorney is a lawyer that focuses their practice on helping clients create comprehensive estate plans that meet their short- and long-term goals. Benefits of having an estate planning lawyer on your side include:

  • You have the peace of mind of knowing that your plans are compliant with local, state, and federal law.
  • Your initial thoughts on what you desire in your estate plan may not be the best for your situation, and an estate planning lawyer will know this and explain better options to you.
  • When you hire an estate planning attorney, your estate plan will be customized to address your unique needs.

Spending some money up-front on an estate planning lawyer can end up saving significant time and money down the road.

Contact an Estate Planning Lawyer in Florida Today

It is always to your advantage to speak with an estate planning attorney in Florida about your estate and what documents should be included in an estate plan. Our goals at Asbury Law are to make sure you benefit from an estate plan today and that your family (and other loved ones) benefit when you die. Contact our estate planning lawyer online or at 904.203.8776 to schedule a Free Initial Consultation (up to 30 minutes) and to get started on a smart estate plan.

While many of our clients are from Jacksonville, Florida, and surrounding counties in Northeast Florida (including Baker County, Clay County, Duval County, Flagler County, Nassau County, Putnam County, and St. Johns County), Asbury Law serves individuals and corporate clients (e.g., family-owned business,  single-member LLCs, and much larger and/or publicly traded companies) throughout the State of Florida.

Asbury Law Is Here for You

At Asbury Law, we focus on Business Law & Contracts (including Corporate Law & Incorporations, Shareholders Agreements), Limited Power of Attorney, Durable Power of Attorney, Estate Planning, Administrative Law, Copyrights & Trademarks, Limited Liability Company (LLC), Guardianship, Probate, Trusts, Wills & Prenuptial Agreements. Asbury Law is here to listen to you and help you navigate the legal system.

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