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FAQs / Probate Assets / Estate / How are taxes handled in probate?

How are taxes handled in probate?

While every state varies on how they handle taxes during the probate process, Florida has no estate tax, or death tax, on the state level and no inheritance tax for beneficiaries. For Florida estates, the only tax concern is potential federal estate tax liability, as well as potential capital gains exposure. The federal estate tax only comes into play for an individual who dies having an estate with assets valued over $11.18 million. An estate worth more than $11.18 million has a potential estate tax liability and will be required to file a 706 estate tax return.

It is advisable that the personal representative, aka executor, of the estate set aside a sufficient reserve of assets to cover potential taxes. If you are not sure whether your estate will be impacted by taxes or not, consider reaching out to an experienced probate attorney that can guide you through the process and advise you in the best plan for transferring your assets to your loved ones after death.

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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      • Undue Influence
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