Florida Wills & Trusts: July 2006 Summary

Updated Product Features

New Option to Include Statement that Children Not from the Current Marriage are from a Prior Marriage

When either spouse has children who are not from the current marriage you may now include a statement, when appropriate, that these children are from a prior marriage.  New Questions 62 and 68.

New Options to Specify “5 and 5” Withdrawal Rights

The 5 and 5 provisions now allow you to specify a fixed dollar limit without any associated percentage limit.  The long form also allows you to specify whether the controlling limit will be the greater or lesser of the dollar limit and the percentage limit.  These changes allow greater customization of the withdrawal provisions where the value of the trust is high.  Questions 334-337, 411-414, 459-462, 511-514 and 556-559; New Questions 339, 416, 464, 515 and 561.

New “Auto-Year-End-Update” Feature for Tax Numbers in Law & Strategy

When the your computer’s clock rolls over to 2007 the tax numbers displayed in Law and Strategy such as the Applicable Exclusion Amount, the GST Exemption and the Maximum Estate Tax Rate, will automatically change to reflect the 2007 amounts.  Note that as a side effect of this convenience it is now important to make sure that your computer’s date is correct in order to display Law & Strategy for the current year.