ESTATE PLANNING IN MIAMI BEACH, FLORIDA, CAN WE TALK ABOUT TAXES?
Florida is the best state for death and taxes, the two guarantees in life. Florida has no state death tax, also known as a state estate tax. Another benefit is Florida has no state income tax. And a third benefit, Florida has amazing homestead tax breaks and protections.
WHY WOULD I MOVE MY RESIDENCY TO FLORIDA? HOW DO I GET THE HOMESTEAD EXEMPTION?
Moving your residency to Florida will allow you to save money. Many of my clients call as they are leaving high tax states, such as New York, and making Miami Beach, Florida their new home. This allows them to benefit from the many tax breaks offered to Florida residents, including the homestead exemption.
WHAT ARE THE FEDERAL ESTATE AND GIFT TAX EXEMPTIONS FOR 2024?
For 2024, the annual gift tax exclusion amount is $18,000.00 this year; meaning a person can give up to this amount to each individual without having to pay any federal taxes on the gift. In 2024, the federal estate tax exemption is $13.61 million each, or double for a married couple; meaning the IRS allows a person to give away $13.61 million in assets or property over the course of their lifetime. These exemptions can be helpful especially when used properly. Relatives can reduce their wealth while contributing to the family at large; and depending on the size of an estate, if done for years, can make a big impact on the bottom line.
WHAT CAN BE EXCLUDED FROM GIFTS FOR GIFT TAX PURPOSES?
Tuition and medical expenses that you pay on behalf of someone are not considered for gift tax purposes. All payments must be made directly to the institution or provider. Thus, if a grandparent or loved one wants to pay for tuition and does so to the institution directly, it should be exempt from gift tax. This applies to grade school, high school, college, and graduate/advanced degrees. In addition, gifts to your spouse if a US citizen or resident are exempt in entirety; and if your spouse is not a US citizen nor resident of the US, the annual gift tax spousal exemption amount is $185,000.00 for 2024. Gifts to qualifying charities, may also be exempt from gift tax. Please seek advice from a tax expert on specific details regarding your gifting matters.
WHY SHOULD I USE ALLY M. GLASER, PA TO HANDLE MY WILLS AND TRUSTS, ESTATE PLANNING, AND PROBATE MATTERS?
As a Miami Beach Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach, Florida with over twenty-eight years of experience and both a Psychology and Law degree, I handle these matters with knowledge and sensitivity. I am familiar and comfortable with both the Miami-Dade probate court system and Broward County probate court and know how to get things done. I handle both estate planning and probate cases, thus, I am familiar with the challenges of each and provide my clients with additional protections. Call or email me today to discuss your Miami Beach, Florida Estate Planning, Wills and Trusts and Miami-Dade County, Florida Probate matters. I am happy to help you and your loved ones during this important process.