Clients are constantly asking us if their inheritances are subject to federal income tax, and with certain exceptions such as IRAs with deferred tax portions, the answer is usually no. Neither Florida nor the federal government will impose a tax on you for inheriting money or property.
People often ask us if we can recommend estate administration or estate planning services, software or books, and we’ve been looking, honestly. Meanwhile, we did find a good book on organizing all the information and records that many modern Americans come to possess. It’s called Get It Together – Organize Your Records So Your Family Won’t Have To, by Nolo Press.
Recently, a further complication has arisen in the form of Medicare set asides under federal law, and the obligations the law places on attorneys for both wrongful death claimants and the defendants and their insurers. The law is relatively new and still evolving.