One of the reasons a Florida resident should strongly consider completing an estate plan is that it's an effective way to lower potential estate taxes faced by heirs. Someone who intends to leave substantial assets to their heirs should consult with an estate planning...
Estate Tax
Out-of-state inheritance and estate taxes
Many families are spread across the country these days. This leads to a unique set of issues with interstate transfers of estate property. Florida does not collect death taxes, but other states may do so.Depending on the value of an estate, inheritors might...
What should you know about IRS audits?
Floridian residents like you pay taxes every year. Not only do you pay for sales and state taxes, but you also pay federal and estate taxes, in some cases. However, in the course of paying for these taxes, you might run into something called an IRS audit.What is an...
What do you need to know about the Kiddie Tax?
Not every child in Florida and elsewhere in the United States makes a significant amount of money outside of a job. However, some are fortunate enough to receive a decent amount of spending money from their loved ones. Is this money taxable, you may wonder? If your...
Will your child need to pay taxes on a trust?
When you set up a revocable trust for your child in Miami, you may not always consider the tax implications. It is important to consider how this trust will be taxed, though, especially if you want this trust to be your child's inheritance.If you establish a revocable...
Does the new tax law make my estate plan obsolete?
As a savvy Florida resident, you know that Congress passed and President Trump signed into law the Tax Cuts and Jobs Act in late December. What you may not have asked yourself, however, is whether or not this new law affects your estate plan.As Market Watch explains,...
Tips for reducing the burden of estate tax
If you are among the many Florida residents working on your estate plan, you would be wise to consider whether you will have to pay estate tax. If so, it may prove beneficial for you to think about how you might be able to minimize the amount owed. At the [nap_names...
Identifying common estate tax audit triggers
If there is a common concern that the many clients that we here at The have helped to prepare estate tax returns in Miami share, it is the fear of being audited. You know how stressful if can be to prepare your own individual income tax...
What if you forget to file an estate tax return?
Every spring (or perhaps more often, depending on your employment in Miami) you go through the annual ritual of paying your taxes. Given all of the confusion that is often involved in paying your own taxes, imagine how much more there may be if you have to file a...
Estate tax implications for small businesses
Your entrepreneurial pursuits in Miami have hopefully yielded a significant windfall for you and your family, and provided people in the local community with jobs. Yet what happens to your business after you are gone? If you have earned significant personal assets,...
