Estate Planning & Corporate Attorney Joseph Boyles, Esq.

  Summary: Estate tax basics : Estate taxes are imposed on the transfer of property after someone's death, with federal and Florida-specific rules governing the rates and exemptions. Federal estate tax exemption : In 2023, the federal estate tax exemption is $12.06 million per person, meaning estates under this value will not owe federal estate tax. Portability of federal exemption : Married couples can effectively double their exemption by using portability, which allows the surviving spouse to use any unused portion of the deceased spouse's exemption. Florida estate tax : Florida has no state-level estate tax, so residents only need to be concerned with federal estate tax implications. Estate planning strategies : Utilize estate planning tools such as trusts, gifting, and charitable donations to minimize estate tax liability and maximize the inheritance passed on to beneficiaries. Introductio...