Legal Question in Wills and Trusts in Florida

do my heirs need pay a tax on inheritance after my death I live in Florida

Asked on 6/18/17, 3:01 pm

1 Answer from Attorneys

Florida does not have a specific estate tax, but the Personal Representative (executor) of your estate has the responsibility of filing your last federal income tax and notifying the IRS that you are deceased. There are other taxes that may have to be paid as well (e.g., property tax and, if you have a mortgage on your current property there will be a documentary stamp tax when they change the title to your property). There are also other taxes to be aware of when setting up an estate (e.g., generation skipping transfer tax, etc.). I strongly recommend you consult with an estate planning attorney, especially if you have a large estate.

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Answered on 6/18/17, 6:04 pm

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