Video Summary
How do I check the tax status on an estate? Well, we’re fortunate here in Florida that Florida has done away with estate taxes. The federal government has raised the estate tax limitation to 12 million. So that pretty well takes care of most of my clients as far as having to worry about estate taxes. Whenever, if you do own real estate outside the state of Florida, and another state, that state may have an estate tax for the real estate that is situated out in, in their state. As far as income tax is concerned, the executor of your estate needs to file what they call a fiduciary tax return or 10 41 where they report any income that the estate or trust has received during the administration. And then if they’ve distributed out, well, then they’ll issue K one to the recipient of the money, the beneficiary. So that’s sort of a overview of taxes for estates and trust. If you have any questions, give me a call at (727) 847-2288.