The Tax Cuts and Jobs Act raised the federal estate tax exemption considerably. Before the tax reform law, it was $5.49 million per person for 2017. It’s up to $11.7 million for 2021 ($23.4 million for a married couple). So, now, even fewer taxpayers have to worry about federal estate taxes when they die. However, if your goal is to leave as much as you can to your heirs, then you should also pay attention to the state you choose for retirement.
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Losing a loved one is never easy, and the legal process that follows can make an already difficult situation even more challenging. In Florida, when someone passes away without an estate plan, their assets typically go through a court-supervised process called probate. Probate is designed to ensure the deceased person’s debts are settled and their…