Florida estate Taxes

#9 01-27-2005, 03:58 PM

"David Woods, EA, ChFC, CLU" wrote:
- quote -

> "Sheila" <aliwes1[at]netscape.net> wrote:
> > "Arthur L. Rubin" wrote:
> > > jtc wrote:

> > > > husband dies...leaves widow and married daughter attorney
> > > > tells widow that if the estate is less than 1.5 million it
> > > > doesn't have to go through probate is this correct?

> > > Probate is a state issue. If the estate is less than
> > > $1.5M, and there were no reportable gifts during husband's
> > > life, and there were no bequests to parties with a different,
> > > smaller, exclusion, such as foreigners or persons more than
> > > one generation younger than the husband, then there is
> > > no Federal estate tax.

> > Am I wrong? I thought there was no Federal Estate Tax if
> > the spouse receives the whole estate not limited to 1.5M.

> There isn't, but Mr. Rubin didn't say there was an estate
> tax in this case either.

Thanks for confirming that.

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#8 01-27-2005, 03:58 PM

Stuart Bronstein wrote:
- quote -

> Sheila wrote:
> > "Arthur L. Rubin" wrote:

> > > Probate is a state issue. If the estate is less than
> > > $1.5M, and there were no reportable gifts during husband's
> > > life, and there were no bequests to parties with a different,
> > > smaller, exclusion, such as foreigners or persons more than
> > > one generation younger than the husband, then there is
> > > no Federal estate tax.

> > Am I wrong? I thought there was no Federal Estate Tax if
> > the spouse receives the whole estate not limited to 1.5M.

> Until the second spouse dies. At that time the first
> spouse's exemption can be wasted if not planned properly
> while he was still alive.

Thanks

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#7 01-26-2005, 05:00 AM

"Sheila" <aliwes1[at]netscape.net> wrote:
- quote -

> "Arthur L. Rubin" wrote:
> > jtc wrote:

> > > husband dies...leaves widow and married daughter attorney
> > > tells widow that if the estate is less than 1.5 million it
> > > doesn't have to go through probate is this correct?

> > Probate is a state issue. If the estate is less than
> > $1.5M, and there were no reportable gifts during husband's
> > life, and there were no bequests to parties with a different,
> > smaller, exclusion, such as foreigners or persons more than
> > one generation younger than the husband, then there is
> > no Federal estate tax.

> Am I wrong? I thought there was no Federal Estate Tax if
> the spouse receives the whole estate not limited to 1.5M.

There isn't, but Mr. Rubin didn't say there was an estate
tax in this case either.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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#6 01-26-2005, 04:22 AM

Sheila wrote:
- quote -

> "Arthur L. Rubin" wrote:

> > Probate is a state issue. If the estate is less than
> > $1.5M, and there were no reportable gifts during husband's
> > life, and there were no bequests to parties with a different,
> > smaller, exclusion, such as foreigners or persons more than
> > one generation younger than the husband, then there is
> > no Federal estate tax.

> Am I wrong? I thought there was no Federal Estate Tax if
> the spouse receives the whole estate not limited to 1.5M.

Until the second spouse dies. At that time the first
spouse's exemption can be wasted if not planned properly
while he was still alive.

Stu

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#5 01-25-2005, 06:10 AM

"Arthur L. Rubin" wrote:
- quote -

> jtc wrote:

> > husband dies...leaves widow and married daughter attorney
> > tells widow that if the estate is less than 1.5 million it
> > doesn't have to go through probate is this correct?

> Probate is a state issue. If the estate is less than
> $1.5M, and there were no reportable gifts during husband's
> life, and there were no bequests to parties with a different,
> smaller, exclusion, such as foreigners or persons more than
> one generation younger than the husband, then there is
> no Federal estate tax.

Am I wrong? I thought there was no Federal Estate Tax if
the spouse receives the whole estate not limited to 1.5M.

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#4 01-24-2005, 05:26 AM

"jtc" <jtamchay[at]yahoo.com> wrote:

- quote -

> husband dies...leaves widow and married daughter attorney
> tells widow that if the estate is less than 1.5 million it
> doesn't have to go through probate is this correct?

That is a legal question. Address it to a legal forum with
Florida attorneys, not a tax forum.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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#3 01-24-2005, 05:26 AM

jtc wrote:

- quote -

> husband dies...leaves widow and married daughter attorney
> tells widow that if the estate is less than 1.5 million it
> doesn't have to go through probate is this correct?

Probate is a state issue. If the estate is less than
$1.5M, and there were no reportable gifts during husband's
life, and there were no bequests to parties with a different,
smaller, exclusion, such as foreigners or persons more than
one generation younger than the husband, then there is
no Federal estate tax.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#2 01-24-2005, 04:48 AM

jtc wrote:

- quote -

> husband dies...leaves widow and married daughter attorney
> tells widow that if the estate is less than 1.5 million it
> doesn't have to go through probate is this correct?

The 1.5 million threshold involves federal estate/gift taxes.

Whether or not an estate requires probate is a state issue.

And therefore, this is a legal question.

ChEAr$,
Harlan Lunsford, EA n LA
Sat 22 Jan 2005

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#1 01-24-2005, 04:10 AM

jtamchay[at]yahoo.com (jtc) posted:

- quote -

> husband dies...leaves widow and married
> daughter attorney tells widow that if the estate
> is less than 1.5 million it doesn't have to go
> through probate is this correct?

This is a legal, and not a tax question.

But I am pretty certain that estate tax liability and the
requirement for _probate_ are two entirely different
questions.

See an attorney, get a second opinion.

Bill

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01-24-2005, 04:10 AM

jtc wrote:

- quote -

> husband dies...leaves widow and married daughter attorney
> tells widow that if the estate is less than 1.5 million it
> doesn't have to go through probate is this correct?

Not a Floridian, but I think the attorney has confused the
issue of filing an estate tax return and probating the
estate. Last time I looked, FL had a small estate
administration process if the estate was under $75,000.

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#-1 01-22-2005, 06:09 PM

husband dies...leaves widow and married daughter attorney
tells widow that if the estate is less than 1.5 million it
doesn't have to go through probate is this correct?

thanks

--
jtc
jtamchay[at]yahoo.com

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