Harrison LLP

New Florida Law Could Help Married Couples Realize Major Tax Savings

The advantages, and potential drawbacks, of The Community Property Trust Act.

With little fanfare, Florida is giving married couples who live in the state a gift that could yield over time extraordinary tax savings: the Community Property Trust Act, Fla. Stat. Sections 736.1501-736.1512 (the Act). Signed into law in mid-2021, Florida is one of only five states in the nation offering this innovative tool for estate planning. Not surprisingly, the Act is stirring keen interest among the wealthy and their financial advisors.

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Originally posted on WealthManagement.com