Estate taxes
Florida does not have its own estate tax or inheritance tax.
However, the federal government has an estate tax for individuals with large estates. Federal law allows assets to pass tax-free and gift-free to a spouse. This is called the unlimited marital deduction.
Estate taxes are due within nine (9) months of the deceased's passing.
For a person passing in 2010 or 2011, estates over $5,000,000 may be subject to the federal estate tax. In 2012, new estate tax limits will be set by congress.
The net value of an estate is used to calculate estate taxes. Life insurance owned by the deceased is included in the value of the net estate.
Many of the trusts not discussed on this website are used specifically to address estate taxes. Disclaimer trusts, bypass trusts, A-B trusts and charitable trusts are a few examples of trusts used by married couples to minimize estate taxes.
Contact an attorney if your estate could be subject to estate taxes to determine the best estate planning method to minimize estate taxes.