So, you really want to know how the “Tax Cuts and Job Act” of 2017 affects the estate tax? Ok then, we’ll hit the highlights.
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There is a lot of talk currently going on in Washington about the estate tax. Remember; however, the estate tax currently affects a very small and very wealthy number of Americans, with only the estates of about 2 out of every 1,000 Americans who die facing the tax.
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One of our first admonitions to clients seeking to become appointed personal representative of a decedent’s estate and is to secure all automobiles and not let anyone drive them. Under Florida’s Dangerous Instrumentality Doctrine, the estate can be held vicariously liable if someone drives the car and injures others in an accident. Once a person has been appointed personal representative and the probate case opened, the personal representative has personal responsibility for those automobiles.
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