Florida Wills & Trusts: December 2005 Summary

Legal Developments

Increased Federal Tax Exemptions (effective January 1, 2006)

Applicable Exclusion Amount: $2,000,000

GST Exemption Amount: $2,000,000

Updated Product Features

GRAT Deferral of Annuity Payment Language Clarified

The optional provision allowing deferral of GRAT annuity payments has been revised to clarify when the 105 day deferral period allowed by Treas. Reg. §25.2702-3(b)(4) is available.  Question 125.

Names of Children Now Provided as Potential Surrogates in Living Will

If you choose to name a child of the client as a surrogate in a Living Will, and have previously entered the names of the client’s children, the program will now present a list of those children as choices.  New Question 1148.