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Estate & Gift Taxation

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Estate & Gift Taxation

Miami Probate Attorney

Federal gift tax is part of the unified federal gift and estate tax. Gift tax applies to lifetime gifts, and estate tax applies to assets and property left to people after death. The purpose of the unified federal gift and estate tax is to tax the same amount on assets you give away while you are alive, as assets given away after you have passed.

As of 2013, Floridian residents can gift up to $14,000 to a person without being taxed. If you give someone $14,000 or less, it will not affect your lifetime exemption and you will not have to file a federal gift tax return. There is not a limit as to how many people you can gift $14,000 to within a year, and married couples can give individuals up to $28,000 without being taxed.

If you directly pay for an individual's schooling or healthcare expenses, you are not limited to the $14,000 gift tax exemption amount. If you wish to gift someone money or other assets, I have the ability to help. I can assist you in creating trusts, or help determine who should receive what on an annual basis without setting up a trust in order to minimize or avoid taxes.

Does Florida have an estate tax?

As of 2013, Florida does not have an estate tax. This means that a person can leave up to $5.25 million to another person when they die, and it will not be taxed.

  • If a person gifts more than $14,000 to another person in one year, or exceeds the $5.25 million limit, the gift or inheritance will be taxed 40%.
  • In order to avoid or minimize estate taxes on an expensive estate, it may be in a person's best interest to gift the maximum amount of money without being taxed on a yearly basis.

You can achieve this by creating certain types of trusts, such as a charitable trust. A charitable trust allows you to give an unlimited amount at any time without facing any gift taxes.

If you know who you want to receive your estate after you die, you can avoid possible estate taxes by gifting them certain estate properties while you are still alive. Not only will you be able to see how a person benefits from your estate, but you are minimizing the amount of taxes you have to pay.

Assets that will most likely appreciate before you die are the best types of gifts to give away, because the asset and future appreciation will be removed from your current estate. This can also help minimize the probate court's involvement in your estate after you pass.

Probate Lawyer in Coral Gables

I have over 45 years of experience as a Miami probate attorney, and I have the ability to help those minimize or avoid estate taxes. As your lawyer, my priority is you and your wellbeing, and to assist you in achieving your end goals.

If you wish to find out how you may be able to avoid estate taxes, and give certain assets away to beneficiaries while still alive, please contact me as soon as possible. Also, if you have questions about estate taxes, see my Estate Tax FAQ's.

Frequently Asked Questions

What is a personal representative, and what are they responsible for? A personal representative is a person you choose and declare in your will to administer your estate. They are responsible for the entire estate administration process, which includes filing tax returns, paying off debts, and distributing your property according to your will. It is a huge responsibility, and the person you choose as an executor must understand what is involved in the estate administration process.
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