Many Florida residents who are planning for the distribution of their assets when then die may be concerned about future tax liabilities, but the federal estate tax exemption is actually fairly high. For those who still do not qualify for the exemption, there are other measures that can be taken to reduce or eliminate the tax.
The federal exemption for 2015 is $5,430,000. This number takes all assets into account including property and cash. While this exemption includes taxable gifts that an individual gives while alive along with the estate that is left to heirs after the individual’s death, there are ways around having gifts included in the total….