Tax consequences critical for estate administration in Florida

One of the biggest estate questions that family members have after losing a loved one is the extent of their tax liabilities. The media loves to report on the ever-changing estate tax environment. Often referred to as death taxes, this levy is often misunderstood.

For instance, most estates do not owe any estate taxes. The current federal estate tax exemption exceeds $5 million. Moreover, Florida does not have estate taxes like many other states do. As a result, estate administration for most Floridians will be simplified by the legal ability to avoid onerous estate taxes.

Nevertheless, other estate complexities can make administration a challenge. Taxes on individual and business income can still be levied while the sale and transfer of certain assets also may expose the estate to tax implications. Additionally, tax consequences are just the tip of the iceberg when it comes to challenges facing an estate.

As a result of these diverse issues, it is important to consult a local Lee estate attorney. These experienced professionals have decades of experience planning and administering estates. They can help families sort through the various legal issues related to a decedent’s will or trust.

While estate tax consequences may not be relevant for many Florida residents, there are undoubtedly other concerns of which families need to be aware when it comes to administering an estate. The help of experts can be vital in minimizing various tax liabilities or limiting other costs associated with an inefficient administration. Luckily, experts are located conveniently nearby in Lee to help ease the concerns that families may have about estate administration.

Source: Kiplinger, “Beware States With Their Own Estate Taxes,” Sandra Block, Feb. 24, 2014