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Florida Estate Planning References
Summary of Florida Laws Affecting Wills, Trusts, and Estate Planning
Estate Transfer Taxes:
- Estate Tax: Tax credit schedule set forth in 26 U.S.C. 2011 adopted by FSA 198.02.
- Inheritance Tax: None.
- Generation Skipping Transfer Tax: Imposed. FSA 198.021, .031.
- Gift Tax: None.
Intestste Succession Laws:
- Surviving Spouse: Takes the homestead, PLUS:
- Decedent's entire estate if decedent has no surviving issue. FSA 732.102.1.
- First $60,000 plus one-half of balance of estate if decedent has surviving issue, all of whom are also issue of surviving spouse. FSA 732.102.2.
- One-half of estate if decedent has surviving issue who are not issue of surviving spouse. FSA 732.102.3.
- Other Heirs: Portion of intestate estate not passing to surviving spouse passes in the following order, with each class taking to the exclusion of all subsequent classes:
- To decedent's surviving issue by representation. FSA 732.103.1
- To decedent's surviving parent(s).FSA 732.103.2
- To decedent's brothers and sisters or the surviving issue of deceased brothers and sisters, by representation. FSA 732.103.3.
- To decedent's surviving grandparents or their surviving issue by representation. FSA 732.103.4
- To surviving heirs of last deceased spouse. FSA 732.103(5)
- To the State of Florida FSA 732.107
Tenancy By The Entirety
Gifts to Minors:
- Uniform Gifts to Minors Act is adopted. Age of majority under the act is 21. FSA 710.101.
Powers of Attorney:
- General Durable Power of Attorney: Provided for by statute. FSA 709.08
- General Springing Power of Attorney: Limited by statute. FSA 709.08(1)
- Durable Power of Attorney for Health Care: Provided for by statute. FSA 709.08, 765.101.
Disclaimer Statutes:
- A devisee or donee may disclaim all or a part of a devise or other death-related transfer of property by filing a written disclaimer within 9 months after the event giving rise to the transfer. FSA 732.801.
Wills:
- Separate Writings: Recognized. May be used to devise most tangible, nonbusiness personal property. FSA 732.515
- Witnesses: The execution or acknowledgment of a will must be witnesses by at lease two qualified witnesses. A witness may be a beneficiary under the will and a devise to the witness is valid. FSA 732.502, 504. The attesting witnesses must sign the will in the testator's presence and in the presence of each other. FSA 732.502.1.c
- Attestation Clause: No specific form required. FSA 732.502
- Signature: The testator must sign the will at the end, or the testator's name must be subscribed at the end of the will by some other person in the testator's present and by the testator's direction .FSA 732.501,
- Codicils: A codicil shall be executed with the same formalities as a will. FSA 732.502.4
Trusts:
- Trust Registration: Required FSA 737.101 et seq.
Living Wills:
- Recognized: Two witnesses required. Statutory form of declaration is advisory and need not be followed. FSA 765.301 et seq.
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