Many people in Florida do not need to worry about their survivors paying estate tax after they die because they do not possess property/assets of sufficient value. However, if you are someone whose family members may be subject to an estate tax after you are gone, you...
Estate Tax
How does the new tax law affect estate planning?
As of January 2019, the federal Tax Cuts and Jobs Act officially became law and introduced sweeping changes affecting taxpayers in Florida. Provisions of the law can affect your existing estate plan in many different ways, so much so that it may be necessary to update...
Are estate taxes fair?
If your estate exceeds a certain value at the time of your death in Florida, your heirs will have to pay an estate tax on it. Some people claim that this is not fair because it taxes the assets twice. The argument goes that the decedent paid income tax on the money...
Are life insurance benefits taxable?
When creating an estate plan, it is important to think of ways you can pass on your inheritance without having to pay a host of taxes on your assets and possessions. Once you pass on, all of the things you have worked hard to amass, including your life insurance...
What are Florida’s death taxes?
Whether you are a lifelong resident of Florida or you wish to make the Sunshine State your new home post retirement, it is important that you understand the various taxes your estate beneficiaries will have to pay upon your passing. Fortunately, there is not much to...
What you should know about gift taxes
Even with tax cuts regularly in the news and media cycles, many Florida [BW1] residents fail to understand exactly how the changes will affect them and their estate, specifically in relation to the gift tax. A gift is considered a transfer of money to another...
Understanding inheritance taxes
Many Florida residents may know that after they die, their estate might be subject to an estate tax. However, they may not realize that sometimes their loved ones might need to pay an inheritance tax.According to US Tax Center, people typically pay an inheritance...
3 methods of reducing estate tax
As a Florida resident who worked hard to create a lasting legacy, chances are, you drafted an estate plan with the hope that doing so would allow you to maximize the amount you were able to leave behind for your loved ones. At the Law Offices of Frye & Vasquez,...
Handling multiple assets when making an estate plan
When people in Florida are thinking about how to plan for the future and support their loved ones, they should know that different types of assets are treated differently under state law. People can consider these groups of assets separately when drawing up an estate...
What is the federal estate tax?
When you create your estate plan in Florida, you have to prepare for everything. This not only includes ensuring all your assets are accounted for but also that you plan ahead for what happens after you die when it comes to taxes. While the state may assess estate...
