Legal Question in Wills and Trusts in Florida

Re: tax rate on a testate estate in Florida

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

Florida generally does not charge any estate taxes. The only time when estate taxes may be due is when federal estate taxes are charged and only then will Florida impose an estate tax. Florida is often referred to as a "pick-up" state. If all of the estate property was located in Florida, the amount shown as the credit for state death taxes on the federal return is the amount of Florida estate tax due.

Thus, you pay no additional taxes to the State of Florida.

In 2004 and 2005, every estate holder who dies can pass $1.5 million of their estate tax-free to heirs. Unfortunately, the remainder is subject to estate taxes. If the gross value of the estate and all inter vivos (during the lifetime of the deceased) gifts are less than $1.5 million, you should have nothing to be concerned about.

I strongly suggest that you consult with a local attorney who can review the specifics of your situation.

Scott R. Jay, Esq., 305-534-8000 or 305-249-8000