Web140 community property trust; creating s. 736.1512, F.S.; 141 providing that a community property trust is not ... Effective upon this act becoming a law, section 152 69.031, Florida Statutes, is amended to read: 153 69.031 Designated financial institutions for property 154 assets in hands of guardians, curators, administrators, ... Web736.1504 Agreement establishing community property trust; amendments and revocation.—. (a) The rights and obligations in the property transferred to the trust, notwithstanding when and where the property is acquired or located. (b) The management and control of the property transferred into the trust. (c) The disposition of the property ...

Florida’s New Community Property Trust Act: An Overview.

WebSep 20, 2024 · In July 2024, Florida’s new Community Property Trust Act (CPTA) became law, along with another act signed on the same day, the Florida Uniform Directed Trust Act (FUDTA). The CPTA is seen as a potential boon to married couples, particularly those with the same creditors, that may operate to save significant amounts in taxes. WebAug 26, 2024 · In brief. The Sunshine State has become an even more attractive option for establishing trusts and transferring wealth after the recent enactment of the Florida Uniform Directed Trust Act (FUDTA), and the Community Property Trust Act (CPTA). The Acts were enacted on 29 June 2024 and became effective on 01 July 2024. bishan street

Statutes & Constitution :View Statutes : Online Sunshine

WebOct 7, 2024 · An important purpose of the Florida Community Property Trust Act (the “New Act”) is to permit the establishment of community property under Florida law. Only married couples may establish a Florida Community Property Trust. The intended benefit of establishing a Florida Community Property Trust is the “double step up in basis.” Web(1) Except as otherwise provided in the terms of the trust, this code governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary. (2) The terms of a trust prevail over any provision of this code except: (a) The requirements for creating a trust. Web736.1503 Requirements for community property trust.—. An arrangement is a community property trust if one or both settlor spouses transfer property to a trust that: (1) Expressly declares that the trust is a community property trust within the meaning of this part. (2) Has at least one trustee who is a qualified trustee, provided that both ... bishan theatre