Posted on September 27, 2021
The new Florida Community Property Trust Act, which was signed by Governor Ron DeSantis and went into effect July 1, is already creating buzz in the legal profession as a potential boon to property owning residents. It allows couples domiciled in Florida to elect to treat property as “community property” by transferring it to a Community Property Trust (CPT). These trusts may be attractive to married couples who own highly appreciated assets and want to take the tax advantage of the full step-up in cost basis.
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