Skip to main content

Enactment of FUDTA and CPTA Change the Rules on Florida Trusts

Jennifer J. Wioncek

Tax Blog Image

Co-authored with Osvaldo Garcia, Executive Director, J.P. Morgan Private Bank.

On June 29, 2021, Florida enacted the Florida Uniform Directed Trust Act ("FUDTA") and the Community Property Trust Act ("CPTA"). Florida will now have a more robust law whereby “trust directors” can be granted powers in a Florida governed law trust to direct the trustee as to certain management functions of such trust. With the CPTA, Florida has become the fourth state to enact Community Property Trust legislation to enable married couples living in non-community property states such as Florida to have the ability to take advantage of a full stepped-up income tax basis upon the death of either spouse. Both of the Acts will be effective July 1, 2021. Please refer to our prior post for a discussion on the key provisions of FUDTA and CPTA.

YOU MIGHT ALSO LIKE
Speaking Engagement February 18, 2025
Andrés Rivero moderates a discussion with former U.S. Attorney Wilfredo A. Ferrer at Conversations with Leaders, a speaker series presented by the Young Professionals Council of Legal Services of Greater Miami. Their discussion covers Wilfredo's path to a career in law, his leadership experie...
Press Release February 4, 2025
Stanley Price, founding member of Bilzin Sumberg and Chair of the firm’s Land Development & Government Relations Group, has been selected for Daily Business Review’s (DBR) 2025 Lifetime Achievement Award.
Client Alert February 3, 2025
On February 6, 2025, new rules go into effect for implementing Section 692.204, Florida Statutes—the law restricting the purchase of real property by certain persons or entities from China. The rules touch upon various aspects of potential acquisition of real property in Florida by such entiti...
VIEW MORE