Printable Form 8854 Broward Florida 2024-2025

Printable Form 8854 Broward Florida: What You Should Know

The Florida Supreme Court has set forth clear requirements for creating irrevocable trusts in Florida. One of these requirements is that the trustee must be a legal person having a substantial  professional relationship that includes the creation, maintenance or administration of the  trust. Florida's Trust Code provides, “A trust is not created by operation of law by the creation of a trust as defined in Fla. Stat.  Section 80.071(3) unless all the following conditions are met: (1) Trustee is a fiduciary appointed for the benefit of the beneficiaries; (2) “Trustee has no material relationship with the beneficiaries of the trust; and (3) “Trustee is a natural person, either an individual, a limited partnership, a trust, an estate, a trust administered by a “bank, insurance company, or other business trust organized for a business purpose, or a partnership; “(4) Only one trustee may be named; (5) Trustee is in good faith and within his or her rights; and (6) Trustee does not have any material interest in the estate of the beneficiaries; “(7) Beneficiary did not receive money or other property of any kind from anyone in trust with the trust before the formation or after it was dissolved; and (8) Beneficiary has not had a beneficial interest transferred, in whole or in part, to another person by a trustee to whom he or she made a legal or equitable “transfer in trust;” and (9) Trustee or beneficiaries make no claim for relief with respect to a trustee's death or disability.” (See Florida Trust Code § 90.052). In this Third DCA case, we are seeking to challenge Florida common law that imposes a limitation on the capacity to create a trust. The question  is whether Congress's decision to exclude Puerto Rico in the 1996 United States Tax Reform Act effectively precludes the Island of Puerto Rico from  acting as a “Trust Territory” to establish trust laws. For a comprehensive legal analysis, please see my article: About the DCA Law Firm A comprehensive estate planning, tax, estate planning and life insurance law firm with over a century of experience; we have successfully represented individuals in a number of high profile cases.

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