Legal Question in Wills and Trusts in Florida
Estate taxes
for an estate of over one million , on future payments of the fla lottery is the personal incometax due for the remainder payments. is this personal incometax deductable from the estate tax.
Thank you in advance for your cooperation in this manner.
1 Answer from Attorneys
Re: Estate taxes
Income taxes will be due on future payments of income, subject to deductions and credits which you may be entitled to at that point in time. Estate taxes are a separate matter and will be assessed or not depending on the size of your estate, not on the aggregate amount of income taxes you have paid during your lifetime, whether as a result of receiving wages or an income stream from the Florida lottery. To minimize the potential estate taxes facing your heirs, consult an attorney who specializes in that field.
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