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A Look At Estate Law Tax Changes in 2022

estate law

Understanding tax law changes for the fiscal year 2022 is important. At Handin Law, we can notify you of these important changes, so you are prepared when filing your taxes. One of the biggest changes concerns estate law. The federal tax exemption changes annually as it takes inflation into account. However, there is a lot at stake for some individuals with higher incomes.

Understanding Estate Taxes

Estate taxes are owed to the federal government on the estate of a deceased person. The taxable estate includes all property, assets, business interests, stocks, bonds, or other wealth at the time of their passing. Other deductions may be taken including debts, funeral or burial expenses, or property values that were given to tax-exempt charity before the estate total is calculated. These taxes only apply to estates that are worth a certain amount though. One of our experienced estate law attorneys at the Law Offices of Gary I. Handin, P.A., can help you understand if you owe estate taxes for your estate or a loved one’s estate.

2022 Federal Estate Tax Exemption

When you die, your estate usually isn’t subject to federal estate tax if the value is less than the exemption amount. For those who pass away in 2022, the exemption amount will be $12.06 million, up from $11.7 million in 2021. For a married couple, this exemption grows to a combined exemption of $24.12 million. If someone died with an estate worth more than this exemption, the estate tax rate is taxed at 40%. However, the first million is taxed at a lower rate, while all other values are taxed at this rate. You may also give a gift of up to $15,000.00 per year per person without incurring any gift tax.

State Estate Taxes

It’s important to understand that just because your estate isn’t hit with the federal estate tax, that doesn’t mean it won’t be with other taxes. Many Florida residents live in the state for part of the year and are residents of other states. If one of those states imposes an estate tax, then you may be required to pay that tax.

Why is Estate Planning Important?

Preparing for a death beforehand, whether for yourself or a loved one, allows you to find ways to reduce or avoid estate taxes altogether. Our estate planning attorney who is experienced in estate law and can help you decide what will work best for your finances. A will is a legal document that will name beneficiaries for whom you want to receive your assets. A personal representative is appointed to administer the estate as you have set forth in writing in this legal document.

Understand Estate Law When Considering Estate Planning Documents in South Florida

When you want to be best prepared, it’s important to understand how taxes such as federal estate taxes may affect your family’s future. With the help of our estate law expert at Handin Law, we can explain all of these taxes and if they apply to your estate. To learn more about estate law and our legal services, visit the Gary I. Handin, P.A.’s Facebook page or call our office at 1-877-815-4560.

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Law Offices of
Gary I. Handin, P.A.

Providing professional legal services for the city of Coral Springs. Contact us today for a free consultation – 954-796-9600.

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