A Florida trust can own many different types of property, such as a business, a house, a commercial property, bank accounts, brokerage accounts, and more. One of the greatest benefits of a trust is the estate tax benefits for your heirs when you pass away.
Estate Planning in Florida is especially important for foreign individuals because although Florida does not currently have an active Estate Tax, the Federal Estate tax exemption is capped at $60,000.00, and the top Federal Estate tax is 40%!
According to Zillow.com, a lead real estate search site, the average home price in Florida is over $170,000.00. If you had to pay a 40% tax on a $170,000.00 house with a $60,000.00 exemption, without taking into consideration depreciation and tax treaties, then that means you would have to pay $44,000.00 to the U.S. Federal government just to transfer your property to your rightful heirs, such as your children.
[$170,000-$60,000=$110,000*0.4=$44,000.00]
If you have children or other dependants, then you should consider setting up a trust in order to protect them in case anything should happen to you. Here at Boyer Law Firm, we assist international and domestic clients with Estate Planning, such as Wills, Trusts, Power of Attorneys, Living Wills, and more.
If you are a foreign individual who owns assets in Florida or if you are a U.S. resident with assets in Florida, then contact Boyer Law Firm today.
