If you are a fairly new resident to Florida and already have an estate plan, you need to know if Florida tax laws will impact your current estate plan. Or, if you have lived in Florida for a while, but are beginning your estate plan, then taxes need to be a part of your decision-making process. Florida tax laws differ from other states in a number of ways, and part of estate planning must include taxes.
In this article, we will discuss Florida’s estate tax laws and how it may impact your estate plan. Estate planning is a complicated process with numerous factors that must be carefully considered, which allows you to protect your property and family for the future. An estate planning lawyer in Stuart can help you formulate an estate plan that fits your needs.
If, after reading this article, you have additional questions about your own situation, then we welcome you to contact an estate planning lawyer in Stuart, FL at Crary Buchanan. At Crary Buchanan, we are proud of our standard of excellence, which has allowed us to thrive as one of the oldest law firms on Florida’s Treasure Coast.
Our estate planning attorneys in Stuart, FL are passionate about giving you the highest quality representation. Call us today at 772-287-2600, or schedule a free estate consult online with our online contact form.
1. What will Florida’s Tax-Friendly Laws Mean for My Estate Plan?
People move to Florida for a variety of reasons, one of which is because it is a tax-friendly state, meaning that it is a state with no income tax. Accordingly, it should then come as no surprise that Florida does not impose an estate tax or an inheritance tax when people pass away.
Before moving forward, let us define a few terms that you will need to know along the way:
1.Estate tax is defined as a tax levied on the net value of the estate of a deceased person before proceeds from the estate are distributed to the heirs of the estate. tax levied on the net value of the
2. Inheritance tax is the tax imposed on someone who inherits property or money. This is a tax that impacts the person receiving money from the decedent’s estate.
3. Estate plan – the process of deciding what should happen to your money and other assets when you die.
The fact that Florida has no inheritance tax or estate tax is very good news for residents, and it is a major factor you must consider when setting up your estate plan. Many people moving to Florida have their estate plans already in place. Yet, given the forgiving tax atmosphere in the State, many will also need to change their estate plan to comply with, and to be aligned with, Florida law.
2. What About Federal Law and My Estate Plan?
Unfortunately, there are still federal estate taxes you have to be mindful of in your estate planning process. While new residents may escape to Florida from a state with unfriendly estate and/or inheritance taxes, federal estate taxes remain the same.
As people’s lives change, their needs change, and it is necessary to adjust their estate plan. Consider the possibility that when you set up your estate plan, federal taxes may not have an impact. But, also consider that laws change over time, and your estate value can grow. It is a good idea to have a lawyer review your estate plan periodically and make any adjustments when moving to a new location. Indeed, even longtime residents should see a lawyer to review their estate plan every so often in case of situational or law changes.
Set up an Estate Plan with Estate Planning Lawyers in Stuart, FL.
Planning is key when it comes to important decisions. Protect your assets for yourself and for your loved ones. Sit down with estate planning lawyers in Stuart, FL, and develop an estate plan that fits your needs.
At Crary Buchanan, we are committed to providing clients with exceptional service in every aspect of estate planning law. You can depend upon our 85 years of experience in the Florida legal industry. We can help you decide what is best for you and assist you throughout the entire process.
Our legal team is passionate about maintaining the high standards of professionalism and legal service that were established and practiced by founding attorneys Evans Crary Sr. and Evans Crary Jr. Evans Crary Sr. began his law practice in Stuart in 1927 at a time when Martin County was only two years old. He became a municipal judge at the age of 25 and served as County Attorney for 23 years.
During his time as County Attorney, he was elected to represent Martin County in the Florida Legislature. In 1945 he was elected to the Florida House of Representatives. He served in the House for nine years and even served as Speaker of the House before he went on to become a member of the Florida Senate. Today, the Crary Buchanan law firm continues to practice the example of integrity, professionalism, energy, and devotion that was clearly illustrated in the lives of both Evans Crary Sr. and Evans Crary Jr.
Our clients are more than case numbers; they are people. We recognize that you are an individual with unique needs and expectations. Our team is here to meet your need and exceed your expectations. When you work with us, you can have confidence that a caring legal advocate is on your side.
If you have more questions or want dedicated estate planning lawyers in Stuart to help you, call 772-287-2600 or schedule a free consult online with our online contact form. You can always depend on Crary Buchanan for community, experience, and trust. Call today.
The information in this blog post is provided for informational purposes only and is not intended to be legal advice. You should not make a decision whether or not to contact an attorney based upon the information in this blog post. No attorney-client relationship is formed nor should any such relationship be implied. If you require legal advice, please consult with an attorney licensed to practice in your jurisdiction.