Minimizing Estate Taxes: Important Tips
You don't have to be an estate planning wizard to manage estate taxes effectively, especially when you have the right advice. With thoughtful planning, you can preserve more of your wealth for your loved ones. Quick Tips: Understand the federal and Florida estate tax rules. Know the impact of gifting during your lifetime. Use life insurance as a planning tool. Be aware of the capital gains trap. Opt for portability if married. Create a trust to control assets. Consult with an estate planning attorney. Introductory Understanding of Estate Taxes in Florida and Federal Guidelines You may have heard the term 'estate tax' thrown around a lot, especially when someone wealthy passes away. The government taxes what you leave behind, but did you know Florida doesn't have a state estate tax? Still, the federal estate tax applies. This type of tax can consume a good chunk of an estate, which is why planning ahead matters. ...