Florida Estate Planning Lawyer Blog
Florida Continues to have no State Death Tax. Only 24 states have some form of death tax as the state death tax credit has been phased out.
The Top Estate Tax rate for 2008 is 45% and is scheduled to remain at $45 percent through 2009. This estate tax rate applies to assets in excess of $1.5 million.
The 2008 Estate Tax Exemption is $2 Million dollars and is set to increase to $3.5 million dollars in 2009. Many believe there will be new legislation this year which could change the numbers in the future.
The 2008 Generation Skipping Transfer tax is unchanged from 2007. If more than 2 Million of GST is transfered there is a 45% tax on additional funds.
If your Florida Estate Planning does not consider these numbers, please contact a Florida Estate Planning Lawyer to review your Florida Estate Plan.