Update on Proposed Florida Estate Tax on Nonresident Property in Florida
As I blogged about last week, the Florida House and Senate has introduced a set of companion bills that will introduce an estate tax on the estates of nonresidents who have property in the state of Florida. The bills, having read them, are quite confusing.
My interpretation of them is that they will tax any property of a nonresident that is located in Florida when the nonresidents estate will also be taxed in their home state. The tax rate in Florida would be the exact same tax rate that is used in the nonresident’s home state.
The tax returns would be due either at the same time as the nonresident’s home state requires it be due or twelve months after death, depending on which bill you read.
Again, the bills are quite confusing and need some work by both the Senate and House to reconcile their differences. I will update the status of the bills as updates come available. Again, this may be a great time for snowbirds to begin thinking about becoming a Florida resident. To consult with an attorney in regards to whether or not you should make Florida your residence, please consult with an estate planning attorney to discuss whether or not to become a Florida resident.
