Florida Estate Tax Planning in Boca Raton

Florida Estate Tax Planning and Federal Laws

Congress passed the Tax Cuts and Jobs Act of 2017, making the estate tax permanent. In 2023, it is possible to transfer $12,920,000.00 during life or death or $25,840,000.00 for married couples. This amount is indexed for inflation and is scheduled to sunset at the end of 2025 if Congress does not enact new legislation.

Additionally, the annual gift tax exclusion has increased to $17,000.00 per year, and couples can now gift up to $34,000.00 per year to any individuals without gift tax consequences. We suggest you make an appointment with an estate tax planning attorney at Craig Donoff, P.A., to discuss how to take advantage of these tax laws.

Is There a Death Tax in Florida?

There is no death tax in Florida for decedents who died on or after January 1, 2005.

For estates of decedents who died on or before December 31, 2004, that are required to file a federal estate tax return, the personal representative must file a Florida Estate Tax Return, and a death tax to Florida may be owed. The personal representative should contact a Craig Donoff P.A. Florida estate tax planning attorney in those circumstances.

What Is Estate Planning?

Estate planning is a continuous process of review and always subject to change. The new estate tax law was supposed to be permanent but as we have observed in the past, anything can happen when it comes to tax reform. Now is a very good time to update and consider your own Florida estate tax plan.

Why Choose the Law Offices of Craig Donoff, P.A?

With over 54 years of combined experience, we offer free initial consultations, allowing us to discuss your situation with you before you’re obliged to retain us.