Choosing Executor May Be Important To Estate Tax Planning
There are many aspects which a person must consider when designing an estate plan. One common concern that people have when making estate planning decisions is estate tax liability in Florida and in every other state. The law currently allows a spouse to gain his or her deceased spouse’s unused tax exemption amount through the […]
Lawmakers Propose To Repeal Estate Tax In Florida
Lawmakers are constantly proposing changes to existing laws. Now, one lawmaker is proposing legislation that would repeal the estate tax. Many political commentators believe that the proposed bill has a good chance of being enacted into law. This could result in significant savings for many beneficiaries in Florida or in any other state. There are […]
Late Estate Tax Return Can Be Costly In Florida And Other States
Deadlines are important when administering an estate, as well as when it comes to filing an estate tax return. Failure to file an estate tax return on time can result in significant penalties in Florida or in any other state. This is what happened to one man’s estate after he died in early March 2003. […]
Special Use Valuation Can Be Key For Business Estate Tax Planning
Death is something that nobody can avoid. Also, as the saying goes, taxes are just as inevitable as death in Florida or in any other state. On the other hand, there are some things that a person can do to minimize exposure to the estate tax. However, estate tax planning can take on a flavor […]
Understanding The Duties Of Estate Administrators
Florida residents may benefit from learning more about the general duties of estate administrators as described by the IRS. The estate administrator can be described as the legal representative appointed to act on the decedent’s behalf. Often times, this person is referred to as the executor and may be a lawyer, family member or surviving […]
Estate Tax Planning Tips For Florida Residents
Although most people have heard of the gift tax, the name is somewhat misleading. In most cases, individuals who give large gifts will never pay taxes for doing so. Those who give more than $14,000 to an individual in 2014 will have to tell the IRS about that gift on Form 709. It is important […]
Estate Tax Rules That Benefit Florida Residents
At least once a year, it may a good idea to review estate planning rules and laws as they may change. For instance, the estate tax exemption has risen each year since 2011 with inflation. In 2015, the estate exemption is $5.43 million, which is a $90,000 raise since 2014. However, those who have made […]
Estate Planning In 2015: Understanding The IRS guidelines
Every year, the Internal Revenue Service provides updates to the amount individuals can set aside for their future or leave to their heirs tax-free. These guidelines allow for individuals to maximize ways to provide for their families now and after they are gone. The 2015 federal estate tax exemption is $5.43 million per person. The […]
How Gift Taxes Affect Estate Planning In Florida
When property is gratuitously transferred from one individual to another, it is considered a gift in the eyes of the government. This gift may be subject to the gift tax depending on how much the gift is worth and whether an individual has any of his or her gift tax exemption available. Property that is […]
New Inflation-Based Tax Changes May Ease Burden On Estates
One big hurdle faced by Florida residents who are preparing estate plans may soon be lowered thanks to action by the federal government. According to financial reports, the government may be looking at inflation rates as they relate to the estate tax, which could mean lower taxes for heirs. The threshold that is up for […]