Legal Question in Wills and Trusts in Florida

Death Taxes

I cannot get an answer to a simple question.

I'm in Florida, age 64, my wife is 32. have 2 children 4 and 8 (mine). My estate is worth $1,200,000. If I die in 2003, everything goes to my wife and my estate is not taxed (until my wife dies). Therefore, I do not have to set up a trust, even though my estate goes over the $1,000,000 limit.

Therefore, I can leave it up to my wife to set up a trust (if she needs to). My wife can still set up a trust in 2004, 2005 or later, and still avoid the ''death tax.'' If she dies in 2009, there will be no ''death taxes,'' and the kids can get their inheritance tax free (up to 2010 without a trust). If the death tax goes back to $1,000,000 in 2010, she can, then, create a trust and avoid the ''death tax.'') Is that right? That's all I want to know.

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