Video Summary
Hi! I’m Chip Waller. How much are estate taxes in Florida?
Well, you’re looking at Santa here, there are no estate taxes in the State of Florida so you can leave an unlimited amount to whoever you like and there are no estate taxes.
How about the Federal government? Well, the recent tax law provides that you can leave up to over $5,000,000.00 and there are no estate taxes that are due to the Federal government.
If you are married you can leave an unlimited amount to your spouse. And between the two of you, you can leave upwards to $10,000,000.00 jointly. That takes some – a little bit of planning. But, unfortunately, for me, I haven’t happened to have too many clients that have over $5,000,000.00 or even have the $5,000,000.00 to worry about the estate taxes.
Now, if you own real estate outside the State of Florida there may be estate taxes that are owed to another state where the decedent owned real estate, such as North Carolina, New York or whatever other state other than Florida.
But the good news is, Florida does not have an estate tax.
So, if you have some questions about an estate or want to do some estate planning, or have an estate to be administered, give me a call at 727-847-2288.
Thank you!