I was told by my banker that if I die the money I leave to my daughters won't be taxed (under $250,000). Since I only have $20,000 to give, ...

Question

I was told by my banker that if I die the money I leave to my daughters won't be taxed (under $250,000). Since I only have $20,000 to give, they won't have to pay an Estate tax. Is this true? This is in the state of Florida.

Thank you for yor help

Answer

Federal Estate Tax rules apply. Discuss it with an attorney and your accountant.

Answer

Yes