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While Florida does not have a state estate tax at this time, many Florida residents have relocated from other states which do have an estate tax. The article this month discusses the importance of knowing which states have a state estate tax and what may need to be addressed when moving from state to state. For instance, if you have relocated to Florida from New Jersey, it may be that your documents could be simplified somewhat. On the other hand, if you are contemplating a move from Florida to New Jersey, it is important to know that in 2014 New Jersey has an exemption amount of only $675,000 and that you may need to revise your documents to minimize the state estate tax.
Please call Larry Smith or Michelle Dewhurst at (561) 844-3700 to schedule a complimentary appointment if you have any questions on this or other elder law or estate planning matters. Read the full article by clicking on the link to our website.
This month’s Alert examines issues concerning state estate taxes. While the federal exemption has increased to over $5 million per person, about 1/3 of the states have exemptions as low as $675,000
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