"Florida’s death tax is a transfer tax based on the gross value of the estate regardless of how many beneficiaries the decedent has, or how much money each beneficiary inherit
New York, New York (PRWEB) October 16, 2013
Business Review examines the quality of tax related resources available to retirees and today congratulates Florida Probate Counsel on its top notch efforts on keeping residents informed on tips to saving money with Florida’s tax law advantages. Full details on Florida tax laws can be found at, http://www.floridaprobatecounsel.com.
"Florida’s death tax is a transfer tax based on the gross value of the estate regardless of how many beneficiaries the decedent has, or how much money each beneficiary inherit,” says Thomas N. Silverman, P.A, and Founder of Florida Probate Counsel. “We aim to provide the most up to date information to the public and are extremely pleased that our efforts are recognized by Business Review.” A few fax law advantages awarded Florida retirees entail:
1. No State Income Tax. A prohibition against such a tax was drafted into Florida’s Constitution in 1885. This prohibition was re-enacted in the 1968 Constitution. In order to enact a personal income tax, the state’s Constitution would have to be amended, requiring voters’ approval.
2. No City Income Taxes. Florida municipalities are prohibited from enacting local income tax.
3. No Florida Gift Tax. Residents of a number of states may pay state as well as federal tax on gifts. Florida residents pay no state gift taxes.
4. No State Inheritance Tax. Florida has adopted an estate tax that is the equivalent of the credit for state death taxes paid to the U.S. government whenever a federal estate tax is paid.
Mr. Silverman has been practising estate law for over 40 years and has handled over $700 million in estates. More information on Florida tax law advantages for retirees can be found at the Florida Probate blog, http://www.floridaprobatecounsel.com/florida-tax-law-advantages-over-other-states-part-2/.
Florida Probate Counsel
For over 20 years, Thomas N. Silverman, P.A. has provided first class legal advice with unparalleled personal service to a select clientele. Members of the firm have drafted sophisticated Estate & Trust documents; conducted complex negotiations; created and administered private charitable foundations; structured complex family business successions; represented buyers & sellers at closings and served as litigation counsel in all major state and federal courts including the United States Tax Court. To learn more about the firm please visit: FloridaProbateCounsel.com
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, or how much money each beneficiary inherits.