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Estate Tax Archives

Make sure that you pay your taxes when your loved one dies

Whether you're planning your estate or you have a loved one that's recently passed away, you've probably heard of a variety of taxes that may be due upon someone's passing including inheritance, estate and death taxes. You should know the difference among all of these.

Does Florida have an estate tax?

Many responsibilities come with administering an estate after a testator has died. One of those many different obligations is to prepare and file a decedent's final tax return. If you're wondering who you have to pay estate taxes to, it's not a straightforward answer. While estate taxes were done away with in Florida in 2004, you may have an obligation to pay them on the decedent's behalf in another state that they've resided in. You may have to pay federal estate taxes for a testator as well.

Understanding the estate tax closing letter timeline

If you have recently lost a loved one, you have likely been listed as an heir to their estate. Many heirs assume that the process of receiving their inheritance will be relatively smooth, however, this is not always the case. There are many administrative aspects to the processing of an estate that must take place before heirs can gain their inheritance.

Smart tactics to avoid estate taxes

If you are planning your estate as someone with a high amount of assets, you will likely be concerned about estate taxes. While estate taxes at death are faced by less than 1% of the American population, these individuals must do what they can to minimize the taxes that their estate will be subject to.

An overview of federal estate tax laws

When a person passes away, the contents of their estate will be subject to a wide range of fees and procedures. State laws can determine whether an estate will be subject to estate or inheritance taxes. However, federal law also has a large impact on when estates have to pay federal tax and under what circumstances exemptions occur.

What is the death tax?

You may assume that the only escape from taxes is death, but for some residents of Florida and elsewhere, this is not always the case. People above a certain wealth bracket may have their estates taxed upon their death. It is important for you to understand if you are subject to the federal estate tax and if so, how it affects the inheritance you leave to your loved ones.

Do you pay estate taxes?

As Florida resident who is also the recipient of an estate, you will need to handle the estate taxes. You may be wondering what taxes, if any, you are personally responsible for covering. Matters of estate taxes can be quite complex, after all.

Can you reduce estate taxes?

Florida residents who are the recipient of an estate will likely have to deal with some form of estate tax, whether it's a death tax or an inheritance tax. But are there ways that you can reduce said taxes? We at the Law Offices of Frye & Vasquez, P.L., will walk you through your options.

What is gross estate?

Many people in Florida do not need to worry about their survivors paying estate tax after they die because they do not possess property/assets of sufficient value. However, if you are someone whose family members may be subject to an estate tax after you are gone, you need to understand how the Internal Revenue Service classifies your assets. 

How can I leave an inheritance to a non-resident spouse?

If you, your spouse or both of you are not residents of the United States, you already know that numerous aspects of life can be complicated. This is especially true when it comes to financial matters. You may be worried about planning your estate if one of you is a non-U.S. citizen. What happens to the property if the U.S. citizen dies first? You and other Florida residents may be interested in learning about this area of estate planning.

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.
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