Florida Wills & Trusts: April 2003 Summary

Legal Developments

Increased Federal Tax Exemptions

Applicable Exclusion Amount: $1,000,000
Gift Tax Annual Exclusion Amount: $11,000
GST Exemption Amount: $1,120,000

Florida Elective Share Planning expanded to include contingent trusts

New Elective Share Trust (long form, short form, and savings clause) added in response to Fla. Stat. §732.2025 et seq. New questions 290, 291, 292, 293, 294.

New Florida unitrust conversion provisions

New options to confirm or opt out of Florida’s new income adjustment and unitrust provisions under new Principal and Income Act. Fla. Stat. §§738.104 and 738.1041. New Question 871.

New Language for revocable trusts and trust amendments alerting trustee to seek legal advice

The language required by Fla. Stat. §737.115 to be included in any revocable trust or trust amendment taking effect after 1/1/2003 is automatically inserted in the Fiduciary Powers article. Although there is no penalty for failing to include this language, each Florida trust now complies with the statute.