TED STARR ANSWERS FREQUENTLY ASKED QUESTIONS
In this video blog, you’ll get the answer to this frequently asked question: Does Florida Have an Inheritance or Estate Tax?
Hi, this is Ted Starr. I’m an attorney in Pinellas Park, Florida and I’m here to answer some questions. The question today is: Does Florida have an inheritance tax or an estate tax? Yes, Florida does have an inheritance tax, but it probably doesn’t apply to you. Florida’s inheritance tax is really the federal inheritance tax. So if you have an inheritance that is more than 5 million dollars, then there will likely be a tax on that inheritance. Florida follows the federal estate tax rules. In federal estate tax, there is no tax on an inheritance under 5 million dollars. I believe it’s 5.2 million dollars, you’ll want to check with an accountant. Once you cross the 5 million dollar mark, you should be talking to an accountant and probably an estate planning lawyer about what’s going to happen with your inheritance and what’s going to happen to your assets should you pass away. If you’re under 5 million dollars, like probably most everybody else, then you don’t necessarily have to worry about estate tax in Florida. Now other states do have estate tax and they do apply an estate tax, but Florida does not have an estate tax when you don’t qualify for any of the federal estate tax. And once again, that’s a 5 million dollar exemption.