David Howard Goldberg, P.L.

What estate taxes can Floridians face?

One thing Floridians may be concerned about is the possibility of part of their estate going somewhere other than to their loved ones when they die. For one, they might be worried about some of their estate getting siphoned off by estate taxes. What estate taxes can estates in Florida be subject to?

Some states have their own estate taxes in place. However, Florida is not currently among these states.

This does not mean that estate taxes are never a concern for Floridians. For one, while estates in the state are not subject to Florida estate taxes, they can be subject to the federal estate tax.

Thankfully, not all estates face this tax. Rather, the federal estate tax only applies to large estates with a value in excess of a certain threshold. The amount of this threshold changes regularly, and it recently jumped considerably. In 2017, the threshold was at $5,490,000. The threshold for 2018 is over double this, coming in at $11,180,000.

This is the individual threshold, so the exemption threshold for married couples is currently $22,360,000.

So, for many Florida estates, estate taxes may not be a major area of concern. Now, for individuals whose estates are near the above-mentioned threshold for federal estate taxes, there may be ways of avoiding future estate tax liability. Trusts or other planning measures could help with keeping an estate below the threshold level.

Estate planning attorneys can advise Floridians on what kinds of issues their estate likely would raise, and what options they have for addressing such issues.

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