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Hi, thank you for asking your question today. The other Experts and I are working on your answer. By the way, it would help us to know:- What do you mean by exclusions.
- Have you redone your wills since your divorce ?
The current federal tax exclusion is over 5.25 million dollars. That means that until you hit the 5.25 Million dollar level no federal estate tax exists., This number varies each year. A couple of years ago there was no limit. Florida does not currently have an estate tax.
There is no procedure to be eligible for the exclusion. When the estate is probated the executor file an estate tax return an the exclusion amount is entered on that return and subtracted from what the estate value is. If the number is XXXXX than or equal to zero no tax is owed..
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