Estate Taxes in Clearwater
How a Clearwater Estate Planning Attorney Can Help
An estate tax will be placed on your property when actions are made to transfer it upon your death. At the date of your death, a thorough account of your estate, including everything you own, will be made in order to determine what items have interests. Altogether, your assets will equal a gross estate which could consist of real estate, trusts, business interests, cash and securities, insurance, annuities, and various other assets.
The accumulation of these assets will then allow for deductions to be made on your estate, particularly deductions made from mortgages, property passed to surviving family members, certain debts, administration expenses and some charities. Based on these factors, a tax will be computed on your estate. Estate taxes are paid from a decedent's estate.
Laws were enacted in December of 2004 which eliminated the state's use of estate taxes. Since these laws were passed, estate taxes in Florida are no longer due in the wake of someone's death. However, this does not necessarily exempt the personal representative of an estate from needing to complete certain forms before the automatic Florida estate tax lien will be removed. The estates of decedents who passed away prior to the state's change in law in December of 2004, federal estate tax returns are still required, and the personal representative of a state must file according the requirements of the law. No federal state tax return will be required for the estate of those who passed away after the state's change in law. However, the personal representative may need to complete an Affidavit of No Florida Estate Tax Due in order for the state's automatic estate tax lien to be removed.
Figuring Out Estate Taxes in Clearwater, FL
Estate taxes are only one area of a very complicated area of the law known as estate planning. If you have found yourself as the personal representative of an estate, no one expects you to be familiar enough with the state's laws to take the appropriate actions in estate tax cases on your own. That is what I am here for: to help you file the right paperwork on time and in the correct way.
I am happy to answer all of your questions concerning estate planning and probate. When you are trying to understand the many nuances of estate planning law, especially as it pertains to estate taxes, you will greatly benefit from my services as a Clearwater estate planning attorney in Florida. Therefore, I encourage you to contact my office today to learn more about how I can be of assistance while you attend to matters related to estate taxes in Florida.