What is the Estate Tax?

A tax imposed on the transfer of property from a deceased person. In 2011 and 2012, the federal estate tax rate is 35%, with an exemption of 5 million dollars. That means that for every dollar an estate has over 5 million dollars, 35 cents of every dollar will go to Uncle Sam. The exemption and tax rate are subject to change. Florida does not have an estate tax.

Back to Estate Planning