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FAQs / Probate Assets / Estate / What Are Estate Taxes?

What Are Estate Taxes?

The estate tax is a tax levied on certain assets left to your beneficiaries after death. The estate tax, sometimes referred to as a death tax, is imposed on the federal level and can also be applied on the state level, depending on the state in which the decedent was domiciled at the time of death. The current estate tax exemption on the federal level is rather large, amounting to $11.18 million per individual, or $22.8 million for married couples. As long as you have less than $11.18 million at the time of death, your estate will not be subject to any federal estate tax. Florida is such a popular choice for retirees and senior citizens, in part because the state has no state level death tax, nor any income tax, unlike many states in the northeast, which are known for taxing quite heavily.

Probate Assets / Estate FAQs

  • What Steps Should I Take When a Loved One Passes Away and We Can’t Travel Out of State?
  • How are taxes handled in probate?
  • Does a Spouse Share the Inheritance Given to Their Husband or Wife?
  • What Are Estate Taxes?
  • What must I do to close the estate?
  • What types of property do not need to go through probate?
  • When is probate required to transfer title to real estate?
  • When can I close the estate and distribute the assets?
  • Which law applies if the decedent owned land in more than one state?
  • Does all property have to go through probate when a person dies?
  • Does the property automatically transfer to my name or do I have to register the property with the state?
  • How can an estate plan prevent probate of my estate?
  • What types of property need to go through probate?

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