Fiscal Cliff Deal Benefits Estate Planning In Florida

The recent negotiations in Congress regarding the so-called ‘Fiscal Cliff’ had many people looking to plan their estates worried, because they did not know how the changes would affect the estate tax and the gift tax rules. However, at the end of last year Congress was able to agree to make permanent many of the favorable estate planning rules. These rules reduced people’s tax liabilities in Florida and every other state in the country.

Congress agreed to make permanent the estate tax exemption level at the 2010 level of $5 million, which the new law had adjusted to monetary…