Legal Question in Wills and Trusts in Florida

What does your income level have to be for you to be affected by the Florida "'pick up" tax if it indeed does go back into effect in 2013? If your estate is under $500,000 and you own no property, will your heirs have to pay this death tax?

Asked on 11/15/12, 5:05 pm

2 Answers from Attorneys

Sanford M. Martin Sanford M. Martin, P.A.

At present FL has neither an estate tax or inheritance tax. In 2013, if the Fed govt

changes the Fed estate tax, e.g., returns it to a $1 million dollar floor, then FL would

again "pick up" a state estate tax as a % of the Federal estate tax. So, an estate

under $500,000 should have no liability for Federal or state taxes. But it depends on

what changes are made to the Federal and state estate taxes, effective 1/1/2013.

Also, your phrase "own no property" may refer to real property. For estate tax

purposes, real property and other property such as stocks, bonds, bank accounts, etc.

are all taxed at the same rate and are included in estate property.

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Answered on 11/15/12, 5:30 pm
Marc J. Soss Marc J. Soss, Esquire

It is scheduled to revert back to $1,000,000 so you should be OK.

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Answered on 11/15/12, 5:31 pm

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