How long does Florida probate take to finish?
Florida law allows twelve months to complete a formal estate administration. However, unless there are complications or disputes, most nontaxable estates take between four and six months for formal administration, but just a matter of weeks for summary administration. Taxable estates cannot close until the IRS signs off on the Estate 706 Tax Return, which has to be filed within nine months after the date of death and often takes that long to prepare. Taxable estates are doing well to close in two years. However, the work is often primarily done in the first nine months of a taxable estate, and the rest of the time is spent mainly waiting for IRS review and approval to close the estate.
Do all estates in Florida have to go through "full blown" probate?
No, very small estates without real property may qualify for "disposition without administration," and some estates may qualify for summary administration which is a faster and less expensive form of probate administration. Because Florida's homestead definition allows unlimited value (but not unlimited acreage), some estates with very expensive homestead property (principal residence), but little else can qualify for summary administration. Also, if the decedent has been dead more than two years, the estate can be handled in summary administration.
Does Florida have a death tax or estate tax?
Technically, yes, but practically, no. Like many states, Florida imposes an estate tax only on those estates which are taxable under federal estate tax law and only to the extent that state estate taxes reduce federal taxes. In other words, if Florida did not impose this tax, the federal government would get that money, so the estate tax ends up costing the estate nothing extra. So if the estate is paying federal estate tax, it will pay a smaller tax to Florida as well; otherwise, no tax. Taxable estates can be very complex, and you should consult with an attorney and a tax consultant, but helpful articles on which estates are subject to federal estate tax are found at the following site:
http://www.irs.gov/publications/p950/index.html
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