Currently Florida does not collect a state estate tax, though things were different prior to January 1, 2005, when Florida, like many other states, collected a separate state estate tax in addition to the Federal estate tax, called a “pick up tax.” The pick up tax was equal to a portion of the overall federal estate tax bill. The federal estate tax is scheduled to completely disappear in 2010, but then the provisions of the Economic Growth and Tax Relief Reconciliation Act will sunset and the estate tax, along with the pick up tax, will come back on January 1, 2011. In 2011, there is a chance that your estate could be doubly taxed.
The year 2010 will be an “uncapped” year in that the EGTRRA will no longer offer protection to those individuals with a net worth of under $1 million. With more families being exposed to the estate tax, it is imperative that you sit down with your estate planning attorney and talk about drafting some combination of a will and trusts as soon as possible.
From now until January 7, 2010, Wild Felice & Pardo, P.A. is offering to draft your will for FREE. Just make an appointment by calling 954-944-2855 or emailing email@example.com. There is never any cost for the consultation and one of our estate planning attorneys will go over your risks, assets, and liabilities and then draft your will for FREE. There are no strings attached but this offer cannot be combined with any other offer and only one free will to be prepared per household.