If you live in Florida, then you are in luck. Florida residents do not have any state estate tax or state inheritance tax. What happens if you live in a state that does have inheritance tax or state estate tax? As of 2018, six states have inheritance tax which is a state tax you pay when you receive money or property from someone’s estate. As of 2018, twelve states and the District of Columbia imposed state estate tax which taxes estates that over a certain threshold.
With a proper estate plan in place, one can minimize their exposure to state estate tax or inheritance tax. Interested in learning more? Contact the experienced attorneys of Morris Law Group.