Our Florida estate planning lawyers and probate attorneys are often asked by clients if their estate is subject to inheritance taxes in the state of Florida. An inheritance, estate, or “death” tax as it is sometimes referred to is a tax that is levied upon a person who inherits assets from a decedents estate. The good news is that Florida does not have an inheritance or death tax. However, this does not mean that a person is completely clear of paying inheritance taxes all together.  Here are a few caveats:

Inheritances From Other States

Although Florida does not have an inheritance tax, there are some states that do. If you inherit an asset from a state that does have an inheritance tax, you may be subject to paying a tax in that state, even if you are a Florida resident. If you find yourself the heir to property or assets in another state, let your Florida estate planning attorney from our office know so we can evaluate your specific situation and point you in the right direction of what to do next.

Federal Estate Tax

Although Florida does not have an inheritance tax, there is a federal estate tax that you need to be aware of. The Federal Estate Tax Exemption for people who pass away in 2022 is $12.06 million. Should you become the recipient of an inheritance, the probate lawyers and estate planning attorneys at Pittman Law Office can advise you on how to address this.

If you are in need of an experienced, qualified, and personable estate planning lawyer in The Villages area, Pittman Law Office is here for you. Our Florida estate planning lawyers and probate attorneys look forward to talking with you and helping guide you through the complicated processes of probate, assets, heirs, and estates. Give us a call to schedule an appointment today.