Estate Tax Planning for Florida Residents
The Federal Estate taxes are the same throughout the United States, but Florida’s unique laws should be considered when planning estates for Florida residents. Fortunately, estate taxes are not a consideration for Florida residents because we do not have a Florida estate tax. The estate tax laws in the United States are continually evolving and are an important consideration for an estate planner in Florida. It is important to be aware of them in order for you and your Tampa estate planning lawyer to update your plan when needed. Some alterations in the tax code worth taking note of include the following:
- Estate taxes have been eliminated. The top estate bracket had been decreasing since 2002, and were completely eliminated for 2010. The top estate brackets are scheduled to go up again in 2010.
- Estate tax exemption amounts have increased. These amounts had been increasing since 2002, and are completely eliminated in 2010. They are scheduled to be back in 2011.
- Generation-skipping transfer taxes were reduced, then eliminated. These exemption amounts had been decreasing since 2002, and are set to be at 0% in 2010. This is scheduled to change in 2011.
- The concept of step-up in basis is eliminated. Capital assets may not be bequeathed to heirs at fair market value, and may incur additional taxes if the asset is sold at a later time.
- Gift tax rates have changed. The gift tax exclusion had been increasing since 2002, and became one million dollars in 2009. Since 2009, the top gift tax rate will reflect the 35% income tax bracket.
- The death tax credit has been eliminated. The federal government had been decreasing the state death tax credit since 2002, and repealed it completely in 2005. After 2005 it was replaced by a state death tax deduction.
It is difficult and time-consuming to keep up with all the Tampa estate planning law changes, which is why the firm of BaumannKangas Estate Law. does it for you. For 30 years we have been at the forefront of estate planning law, and we gladly offer our long-term vision and wealth of knowledge to you. The Tampa estate planning lawyers of Phillip A. Bauman, P.A. keep up with these changing laws through their membership in the Tampa Bay Estate Planning Counsel and active participation in continuing education.
Estate litigation in Tampa
There are a number of ways to avoid Tampa estate litigation. First and foremost is to have a hardworking and trustworthy group of estate planning attorneys in Tampa, such as those at BaumannKangas Estate Law.. We can help you to:
- Craft a clear and instructive legal will in Tampa
- Form a living trust in order to avoid probate
- Minimize your estate taxes while protecting your assets, property, and heirs
Contact BaumannKangas Estate Law., an estate planning lawyer in Tampa, today, and tell us how we can achieve your estate planning goals. Call 813-223-2202.