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Home >> Basic Questions About Estate Planning – Do I Need to Worry About Estate Taxes?

Basic Questions About Estate Planning – Do I Need to Worry About Estate Taxes?

August 18, 2014 by Robert Kulas. Leave a Comment

Basic Questions About Estate Planning – Do I Need to Worry About Estate Taxes?A lot of people come to our offices in Port St. Lucie and Vero Beach, Florida because they want to know if they need to worry about estate taxes. Even though the question of paying taxes on your estate is a significant issue, it’s much less significant today than it has been in recent years. This is primarily because some significant changes to the federal estate tax law have made the issue something that doesn’t apply to most estates.

Nevertheless, there are some people that do need to worry about estate taxes. In today’s blog post in our ongoing series on basic questions about estate planning, we’re going to ask if you need to worry about estate taxes, and why.

Do I need to worry about estate taxes?

Probably not. The federal estate tax is a tax that applies to the property left behind by anyone who dies in the United States, regardless of the state in which you live. Whether you die in New York, Florida, or anywhere else, the amount that your estate will have to pay is the same.

However, even though the estate tax is a federal tax, it also allows for significant exemptions. In 2014, the individual estate tax exemption amount is $5.34 million. So, should you die in 2014, the federal estate tax will not apply to your estate unless it exceeds the $5.34 million individual exemption amount.

Do couples need to worry about estate taxes?

If the individual exemption amount is $5.34 million, what about couples who own more than that? If, for example, you are married and have assets totaling $8 million, does that mean that, after you and your spouse die, your estate will have to pay estate taxes? Not likely. This is because the federal estate tax law effectively allows couples to combine their individual exemptions through a strategy called portability. With portability, the surviving spouse of a deceased spouse can use the unused portion of the deceased spouse’s exemption amount when calculating his or her own estate tax bill. Though this sounds rather complicated, it essentially gives married couples a combined exemption amount of nearly $10.7 million.

What can I do if my estate is worth more than the exemption amount?

If you have an estate that exceeds either the individual or combined exemption amounts, there are strategies you can use to reduce the taxes your estate will have to pay. In some situations you can use these tax mitigation strategies to completely avoid having to pay estate taxes at all. However, you will need to speak to us about what kind of strategies are appropriate for you, and should make an appointment to come talk to us as soon as possible.

Filed Under: Estate Planning, Financial Planning, Taxes

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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