(DOWNLOAD) "So You Left Your Trust at Home when You Moved to Florida" by Florida Bar Journal ~ eBook PDF Kindle ePub Free
eBook details
- Title: So You Left Your Trust at Home when You Moved to Florida
- Author : Florida Bar Journal
- Release Date : January 01, 2009
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 81 KB
Description
Florida is a state with great appeal for retirees. Warm weather, absence of state income, intangibles, or estate tax, and favorable creditor protection laws have all played a part in the substantial migration of clients to Florida from states in the northeastern United States for many years. (1) As a result, Florida lawyers will continue to review estate planning documents for clients who have moved here from other states. A number of these clients will have, or will be the beneficiaries of, irrevocable trusts created in these former jurisdictions that need to be reviewed. Many of these "older trusts" will be taxed by those former jurisdictions on certain types of income. Some of these trusts may contain outdated provisions that need to be revised. These might include changes of trustees and their successors, extension of time for outright distributions to descendants, allowance for directed investments, correction of drafting errors, change of the trust from nongrantor tax status to grantor tax status or vice versa, transfer of insurance policies, transfer of the place of administration or the governing law of the trust, and other desired revisions. This article discusses those circumstances in which it may be possible to modify the provisions of irrevocable trusts established in those former jurisdictions and/or achieve a change of governing law to the state of Florida. For convenience, this article will occasionally refer to the client's former jurisdiction of residence as the "original state" and irrevocable trusts originally created in the client's former jurisdiction as "original trusts." In addition, reference to "living trust" will refer to irrevocable instead of revocable trusts.
 "So You Left Your Trust at Home when You Moved to Florida" by Florida Bar Journal ~ eBook PDF Kindle ePub Free){kind=link}