Dean & Dean LLP Law Office: Expert Legal Assistance for Your Estate and Inheritance Tax Planning

In general, Florida residents do not have to pay a state estate or inheritance tax. These are taxes that, in some states, are due when a person dies and leaves a property (estate) or are paid by the person who becomes the new owner (inherits) the estate of someone who has died. Although the state of Florida does not levy either tax, there are a few situations in which a person living in Florida could be hit with an unexpected estate or inheritance tax in the transfer of property due to a death.

If you would like to clarify, and minimize, the possible consequences of an estate or inheritance tax, Dean and Dean LLP can help. For nearly three decades, our skilled attorneys have provided expert estate tax legal guidance in the The Villages, Ocala, and Beverly Hills area.

If Florida Doesn’t Levy Estate or Inheritance Tax, Why Do I Need a Lawyer?

While most Florida residents don’t have to worry about paying an estate or inheritance tax, there are a few situations in which you may need to do so, such as in circumstances which involve:

• Very large estates, valued over $5 million, which may be subject to federal estate or inheritance tax;
• Inheritance of a property in a state which does collect inheritance tax (there are six states which do so);
• Inherited retirement accounts—subject to income tax as the assets are withdrawn.

There are various methods for managing inheritance taxes or reducing or eliminating estate tax to which you might be subject, including using federal tax exemptions available to married couples, removing assets from your taxable estate through gifting and other methods, and restructuring property through life insurance purchases, charitable giving and transferal of assets through a business entity.

These and other planning steps can provide peace of mind and the safeguards that can protect you against unexpected tax consequences as a result of an estate change.

Contact Dean and Dean LLP Today

If you need to speak with a Dean and Dean LLP attorney about an estate planning, probate, real estate, or business law matter, we are pleased to offer our assistance. Please contact us at (352) 515-9221