Legal Question in Wills and Trusts in Florida

Re: inheritant tax

Depends upon simplicity or complexity of the estate, which mostly has to do with size of the estate and the potential for federal estate taxes. Florida is a difficult state, as they formalize everything. I would estimate a minimum of 6-8 months, based upon their paperwork requirements. The timing is not dependent upon testacy (with a Will) or intestacy (no Will), but more on how quickly the necessary paperwork is concluded. If taxes are due at the federal level, which would then have corresponding FL taxes, it could take longer. If you need assistance in Palm Beach County, I have several friends who are estate attorneys who could assist you.

Re: inheritant tax

Time for probate depends on size and complexity of estate. Florida does have Summary Administration available for small estates meeting certain criteria. Summary Administration is less costly and faster than formal administration. As far as taxes, Florida does not have a separate estate tax, but estates are subject to Federal estate tax if the gross estate is $1.5 million plus.

Should you have further questions or require assistance in this matter, please feel free to contact me directly via email or phone at (407) 353-4728.

Re: Inheritance tax

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There is no set time for the filing and handling of a probate matter. Frankly, it depends upon the type and quantity of assets involved in the estate. If there are limited assets involved which does not include real property, it might be concluded in just a few months. Additional information would have to be provided in order to give any reasonable answer.

In response to your second question, Florida generally does not have an inheritance tax. The only time there is a tax is when it is imposed by Federal law and then Florida steps in and imposes its own tax. The assets would have to be substantial in order for this to come into play however.

I strongly suggest that you speak with a Florida attorney to discuss the specifics of your situation.

Scott R. Jay, Esq., 305-249-8000

Re: inheritant tax

A simple uncontested probate should normally be concluded within 6 months. Florida does not impose an estate/inheritance tax beyond what Federal law provides. The total estate would have to exceed $1 million for a death in 2002 or 2003 ($1.5 million for 2004) for any tax to be due.