Estate Taxes

All residents are subject to the federal estate tax if their estate value is over a certain limit. Some states have an additional estate tax but Florida is not one of those states.

Florida does not have its own estate tax.

In 2011 and 2012, estate taxes will affect single people who pass if their net estate value is over $5,000,000. For married couples, they can pass a total of $10,000,000.

Hence, if someone passed away in 2012 with a $6,000,000 estate, the tax would only be implemented on the $1,000,000 over the limit. The tax is on a scale which for very large estates can reach 45% for amounts over the limit.

Federal estate taxes change over time.

In 2013, the estate tax is set to drop back to $1,000,000, the amount the estate tax was supposed to drop to in 2011 after being at $3,500,000 in previous years. Congress could act to extend the current estate tax limit.

Calculating Estate Taxes

Calculate the value of your estate by adding your assets and subtracting your liabilities. Assets include any valuable personal items and the values of any life insurance payouts which are owned by the testator / grantor.

Many other types of trusts exist to help people deal with estate taxes. Consult an attorney for legal advice on how to best deal with potential taxes.