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Estate Tax and Gift Tax Planning

Although Florida has no estate tax, Florida residents are still subject to Federal gift and estate tax.  In 2024, each person has an "Applicable Exclusion Amount" of $13,610,000, meaning that in addition to annual exclusion gifts, a total of $13,610,000 can be cumulatively given away during lifetime and upon death free of gift or estate taxes.  Thus, for a decedent dying in 2024, if total taxable lifetime gifts and death transfers are under that figure, there is no estate tax.

In addition, each person can give away up to $18,000 per year to any number of individuals under what is known as the Annual Exclusion Gift.  Such gifts do not count toward the applicable exclusion amount so are completely gift and estate tax free.

Through the use of a properly crafted living trust, married couples can double up their applicable exclusion amount and give away a total of over $27,220.000.

In additional to a properly crafted living trust, there are other ways to avoid or minimize estate taxes, such as the Irrevocable Life Insurance Trust.  For more information on estate tax and how to minimize or avoid them, please contact us. 

Business, Corporate, and Estate Planning Attorney Vincent J. Profaci, P.A., assists Clients with Business Operation and Management, Business Succession Planning, Business Purchase and Sale, Estate Planning, Trust Administration, Wills & Trusts, Estate and Gift Tax Planning, Probate and Guardianship, Estate Administration, and Real Estate Law.  

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