Florida Estate Tax Advantage
Florida has no state estate tax, giving Sarasota residents a significant advantage over residents of states that impose their own estate taxes. However, federal estate tax still applies to estates exceeding the current exemption ($13.61 million individual, $27.22 million married). With the exemption scheduled to decrease significantly after 2025, planning now is critical for Sarasota families with substantial assets.
Planning Strategies
Annual gift exclusion ($18,000 per recipient), irrevocable trusts to remove assets from the taxable estate, life insurance trusts, charitable remainder trusts, and qualified personal residence trusts. Each strategy reduces the taxable estate while preserving wealth for heirs. For Sarasota families with significant real estate holdings, proper titling and trust planning can save millions in estate taxes.
Florida's lack of state estate tax is a planning advantage. Combining it with federal strategies maximizes what you pass to the next generation.