Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

Florida Estate Executors Must Pay Taxes Due on Gross Estate

Estate executors are required to file and pay any taxes due on an estate within nine months of the death of the estate owner. If more time is needed, a six-month extension can be obtained by filing the proper forms. The taxes are exacted on the gross estate, which includes any and all property owned by the decedent at the time of his or her death. In addition to real estate, bank accounts and stock, this also includes any real property owned outside of the United States and any interests in property.

For tax purposes, the term gross estate also includes any gifts or property transfers made during the decedent's life that failed to meet the requirements of the laws governing such transactions. Other items included under the umbrella of gross estate include annuities, joint assets with right of survivorship, some community property, life insurance proceeds and property over which the decedent had the legal right to control.

Taxes are due and payable anytime the value of the gross estate exceeds the federal estate tax exemption. In 2019, this amount is $11.4 million per person or $22.8 million for a married couple. When the value of the gross estate exceeds that amount, the executor must file tax forms for the estate even if no tax is due.

Estate administration can become very complex, especially when the amount of the gross estate is large. Typical duties of an executor include paying off creditors, filing income tax forms and paying any taxes due. It is important to appoint the right person to administer the estate because an executor can sometimes be held personally responsible for mistakes. To make sure the right person is appointed, an estate owner might want to contact a law firm with experience in estate administration and probate.

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
Read More...
  • NYSBA
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Miami, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions