What are estate taxes?
There are 2 types of estate taxes. There’s federal estate tax and state-level estate tax. In Florida, we have no state-level death tax or estate tax, as it’s also known, so you only have to worry about federal tax liability. This applies to estates that are worth more than 5.4 million dollars. If it’s a couple, you can combine their exemption for an estate worth more than 10 million dollars. Federal estate tax tax bracket is around 40% so it’s very important that you plan with an estate planning attorney to make sure that your estate will avoid any potential federal estate tax liability.