Brian M. Malec and Scott A. Bowman have published their article, “Florida Family Trust Companies: Tax and Nontax Considerations,” in the Florida Bar Journal. The article discusses newly enacted legislation in Florida designed to attract private family trust companies. The article begins as follows:
On June 13, 2014, Governor Scott signed the Florida Family Trust Company Act, creating F.S. Ch. 662. The act, which becomes effective October 1, 2015, governs the formation and operation of family trust companies (FTC) in Florida. At least 14 other states currently have legislation authorizing FTCs (private trust companies). The act, together with favorable trust law and the absence of a state income tax, should allow Florida financial, banking, accounting, and legal service providers to gain a share of the growing FTC business. However, unresolved federal income and transfer tax issues continue to loom over the use of FTCs, whether in Florida or elsewhere. This article provides an overview of the act and discusses key tax and nontax considerations related to FTCs.
See full article at: Bar Journal Article
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.