Boyes, Farina & Matwiczyk


Tagged: estate tax

Estate Tax Planning Tips For Florida Residents

Although most people have heard of the gift tax, the name is somewhat misleading. In most cases, individuals who give large gifts will never pay taxes for doing so. Those who give more than $14,000 to an individual in 2014 will have to tell the IRS about that gift on Form 709.

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New Inflation-Based Tax Changes May Ease Burden On Estates

…One big hurdle faced by Florida residents who are preparing estate plans may soon be lowered thanks to action by the federal government. According to financial reports, the government may be looking at inflation rates as they relate to the estate tax, which could mean lower taxes for heirs.

The threshold that is up for an increase is the federal income tax exemption.

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Lawmakers Propose To Repeal Estate Tax In Florida

…Lawmakers are constantly proposing changes to existing laws. Now, one lawmaker is proposing legislation that would repeal the estate tax. Many political commentators believe that the proposed bill has a good chance of being enacted into law. This could result in significant savings for many beneficiaries in Florida or in any other state.

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Late Estate Tax Return Can Be Costly In Florida And Other States

…Deadlines are important when administering an estate, as well as when it comes to filing an estate tax return. Failure to file an estate tax return on time can result in significant penalties in Florida or in any other state. This is what happened to one man’s estate after he died in early March 2003.

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Special Use Valuation Can Be Key For Business Estate Tax Planning

…Death is something that nobody can avoid. Also, as the saying goes, taxes are just as inevitable as death in Florida or in any other state. On the other hand, there are some things that a person can do to minimize exposure to the estate tax. However, estate tax planning can take on a flavor of its own when it comes to business owners.

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Portability Made Permanent For Estate Tax Planning In Florida

…Wealth inequality has been rising rapidly in the United States over the last several years. This topic has also been a large part of the debate between lawmakers in Florida and other states on how to solve this problem. One solution — which lawmakers have devised has to do with changes to the estate tax planning laws — are designed to allow families who are not wealthy to reduce their tax burden.

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Choosing Executor May Be Important To Estate Tax Planning

…There are many aspects which a person must consider when designing an estate plan. One common concern that people have when making estate planning decisions is estate tax liability in Florida and in every other state. The law currently allows a spouse to gain his or her deceased spouse’s unused tax exemption amount through the portability election.

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Estate Tax Planning And Beneficiary Designations Can Save Money

…Two of the most important aspects to an estate plan is minimizing tax liabilities and ensuring that intended beneficiaries receive an individual’s assets after death. Keeping informed about the most recent changes to estate tax laws is essential for anybody in Florida or across the country. This will help individuals to make the right decisions when deciding how to administer their estates.

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Estate Tax And Gift Tax Laws Subject To Interpretation In Florida

…The law is often open to interpretation, which can cause confusion that could lead to legal disputes. Federal laws regarding estate tax and gift tax are sometimes problematic in Florida and other jurisdictions. One reason for this is that these laws deal with valuation of property as well as the applicability of any legal agreements made between a person and his or her heirs.

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Waltons Use Estate Tax Planning To Keep Fortunes In The Family

…There are many reasons why the wealthiest families on the planet are wealthy. Although not every family has an extreme amount of wealth, sometimes families with more modest, yet considerable wealth, can learn something about maintaining their wealth for future generations by looking at what the world’s wealthiest families have done in terms of estate planning in Florida or in any other state.

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