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However, staying informed about upcomingfederal tax changesis essential, as these can still impact financial planning.
Florida retirees who own their homes can save significantly, especially those on fixed incomes.
Typically, IRA distributions are taxable, but QCDs offer an exception.
Gibson recommends reviewing and potentially adjusting beneficiary designations with an estate planner to ensure legacies align with intentions.
However, this lifetime estate and gift tax exclusion may drop at the end of 2025.
On the campaign trail, President-elect Trump proposed eliminating federal income tax on Social Security benefits.
Many provisions of thislandmark tax billwill sunset at the end of 2025.
If passed, this would significantly benefit Florida retirees reliant on Social Security for living expenses.
For now, staying updated on developments in Washington, D.C., remains essential.
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