New Florida Community Property Trust Law: What all Florida lawyers need to know

Mary Akkerman
Mary Akkerman | Davenport, Evans, Hurwitz & Smith LLP

Mary Akkerman practices in estate planning, including dynasty trusts, domestic asset protection trusts, estate and trust administration, guardianships and conservatorships, business and tax planning, estate and gift tax planning, tax appeals, and related litigation. She is skilled at establishing public and private trust companies in South Dakota and regularly works with U.S. and international families and advisors.

On-Demand: September 29, 2021

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Program Summary

Join myLawCLE for a look at Florida’s new legislation permitting creation of a Community Property Trust. Because Florida is a separate property state and not a community property state for married couples, property owned jointly has traditionally been afforded only a half-step up in basis at the first spouse’s death. This new law allows married couples to opt into community property treatment for assets placed into qualifying trusts, enabling a double step up in basis at the first spouse’s death.

This Community Property Trust is a unique planning device well suited to jurisdictions without individual income tax, such as Florida. This seminar will discuss the mechanics of creating a Community Property Trust, the benefits to clients, and any potential pitfalls.

Key topics to be discussed:

  • Overview of the new law
  • How and when to use a Community Property Trust
  • Tax benefits
  • Drafting considerations

Date / Time: September 29, 2021

  • 1:30 pm – 2:30 pm Eastern
  • 12:30 pm – 1:30 pm Central
  • 11:30 am – 12:30 pm Mountain
  • 10:30 am – 11:30 am Pacific

Choose a format:

Live Video Broadcast/Re-Broadcast: Watch Program "live" in real-time, must sign-in and watch program on date and time set above. May ask questions during presentation via chat box. Qualifies for "live" CLE credit.

On-Demand Video: Access CLE 24/7 via on-demand library and watch program anytime. Qualifies for self-study CLE credit. On-demand versions are made available 5 business days after the original recording date and are viewable for up to one year.

Closed-captioning available

Speakers

Mary Akkerman_Davenport_Evans_Hurwitz & Smith LLP_myLawCLEMary Akkerman | Davenport, Evans, Hurwitz & Smith LLP

Mary Akkerman practices in estate planning, including dynasty trusts, domestic asset protection trusts, estate and trust administration, guardianships and conservatorships, business and tax planning, estate and gift tax planning, tax appeals, and related litigation. She is skilled at establishing public and private trust companies in South Dakota and regularly works with U.S. and international families and advisors. Mary is an American College of Trust and Estate Counsel (ACTEC) Fellow. She is a member of the Society of Trust and Estate Practitioners and Sioux Falls Estate Planning Council.

Mary has received an AV Preeminent® Peer Review Rating by Martindale-Hubbell®, for the highest level of professional excellence for legal knowledge, communication skills and ethical standards. She has a Band 1 individual ranking in the Chambers High Net Worth Guide by Chambers and Partners in the area of Private Wealth Law, and is listed in The Best Lawyers in America© in Trusts & Estates. Mary has also been ranked in the top 5% of practicing attorneys in South Dakota by Great Plains Super Lawyers in the areas of Estate Planning & Probate.

Agenda

I. Overview of the new law | 1:30-1:45
II. How and when to use a Community Property Trust | 1:45-2:00
III. Tax benefits | 2:00-2:15
IV. Drafting considerations | 2:15-2:30