Quote:
Originally Posted by Tmarkwald
As far as taxes, he got hammered because homestead exemption went away and he was stuck with the entire tax bill. But it comes out at closing and is paid then, so nothing out of pocket for him.
Sobering stuff, but in short, a good estate attorney can help you protect your beneficiaries from a massive tax hit when you go to enjoy the pleasures of the afterlife  |
Reads like alot of hyperbole! Descriptions of florida estate and inheritance taxes in the link below would indicate that he got quite alot of inheritance, which he had to pay if over $11M
When Are Beneficiaries in Florida Liable for Inheritance Tax | DeLoach, Hofstra & Cavonis, P.A.
Where do these massive tax hits come from which you stated? In florida there is very little estate tax, but the inheritor must pay the property taxes after ownership is transferred. That should not be considered massive unless, their was a large financial inequality such that the inheritor couldn't afford the property taxes on his/her income.
That would seem massive but not really be massive. Sounds more like wanting to display expected perceptions about taxes to avoid any appearance of a large inheritance, after getting a very large inheritance, if the truth were known.
sportsguy