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Understanding And Planning For Estate And Gift Taxes

United States estate and gift tax laws change periodically. In 2021, there are no estate or gift taxes for estates under $11.7 million for individuals and $23.4 million for married couples. Unlike many other states, Florida has no estate or inheritance tax. If a Florida decedent owns real property in another state, there may be an estate or inheritance tax for the real estate owned outside of the state of Florida. As these numbers indicate, many Florida residents will not need to worry about estate taxes. If you do have a large estate, however, you may want to tailor your estate plan to minimize taxes.

To discuss estate planning strategies that take tax concerns into account, consult with a board certified attorney at Delzer, Coulter & Bell, P.A. Understanding opportunities to protect assets and minimize taxes is important for people with sizeable estates. We can evaluate your estate and advise you on ways to avoid having your estate subject to more taxes than necessary, based on your unique financial circumstances.

We Can Advise You On Ways To Reduce Estate Taxes

Estate planning devices often used to reduce estate taxes, such as Credit Shelter Trusts and Marital Trusts, may be established through a Living Trust or through a Will. Many of our clients hope to avoid probate through the creation of a Living Trust. While this may be achieved in some cases, a Living Trust does not have magical tax advantages. All assets held in a Living Trust may be subject to U.S. estate taxes upon your death.

Making Gifts During Your Lifetime

Anytime you give money or property to another person without receiving fair market value in return, you make a gift. In most circumstances, you will not owe any gift taxes due to the current $11.7 million lifetime exclusion amount. For large gifts, however, you will still need to file a gift tax return. A gift tax return is not required if the gift does not exceed the annual exclusion amount of $15,000 per person. If you have questions about your estate and gift taxes, please contact Delzer, Coulter & Bell, P.A., for clear and trusted guidance.

Contact A Board Certified Attorney

Get the advice you need and answers to your questions about estate planning by calling 727-361-2894, or send us an email inquiry. If you are a Personal Representative (Executor) or a Trustee, we will guide you through final income tax returns for a deceased person and/or their estate.