What You Need to Know About Estate, Gift & Inheritance Taxes in Florida for 2026
A New Year often means changes to various federal and state tax laws. Yet for Florida residents thinking about their estate planning needs, particularly as it relates to potential estate taxes, 2026 should not represent a radical departure from 2025. Only a small handful of Florida estates need worry about such taxes. That said, you should still be aware of how evolving laws could affect your estate plan now or in the future.
The Status of the Federal Estate and Gift Taxes in 2026
In October 2025, the Internal Revenue Service announced the new federal estate and gift tax exemptions applicable in 2026. The exemption will increase from $13.99 million to $15 million. In other words, the exemption for estates of people who die in 2026 will be $15 million. For anyone who died in 2025, however, their estate’s exemption will remain at $13.99 million. Keep in mind that for married persons the exemption is doubled, so if one spouse dies in 2026, the surviving spouse can claim a $30 million exemption on any property received from the deceased spouse.
The IRS did not increase the annual gift tax exclusion, which remains at $19,000 for 2026. This exclusion allows you to give up $19,000 in tax-free gifts to an individual without counting against your $15 million estate and gift tax exemption. This exclusion is also doubled for married couples. For example, if you and your spouse have four children, you could make tax-free gifts of $19,000 to each child in 2026 under the annual exclusion.
Florida Remains Estate Tax Free
Florida does not impose any form of estate, gift, or inheritance tax on its residents. The Sunshine State eliminated its estate tax back in 2004. This means that no tax is owed by the estate of any Florida resident who died on or after January 1, 2005.
Could Inheritance Taxes Affect Your Heirs?
Unlike an estate tax, which is imposed on the transfer of assets upon the owner’s death, or a gift tax that applies to such transfers during a person’s lifetime, an inheritance tax is one owed by the beneficiary who receives property as an inheritance. Neither the federal government nor the State of Florida impose inheritance taxes.
Indeed, the vast majority of U.S. states do not require heirs to pay any form of inheritance tax. As of October 2025, there are only five states that still collect such a tax: Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania. If you have a descendant or heir living in one of those states, they may be liable for paying an inheritance tax if they receive property from your estate, even if you are a Florida resident at the time of your death.
Contact a St. Petersburg Estate Planning Attorney Today
Even if you currently do not have an estate large enough to worry about a possible estate tax bill, it is still crucial to be proactive in protecting your assets through proper estate planning. Our St. Petersburg estate planning lawyer is here to help. Contact Drude Tomori Law today at 727-300-8900 or contact us online to schedule a consultation. We serve clients in St. Petersburg, Lakewood Ranch, Bradenton, and Sarasota.
Source:
irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2026-including-amendments-from-the-one-big-beautiful-bill
