Privacy
Your family’s privacy is of paramount importance in Florida. Confidential trusts can shield your family from public disclosure of personal and financial matters. Trustees are given extensive powers to determine how and when beneficiaries receive information about their trusts and underlying assets. This is particularly important when beneficiaries are young or inexperienced in financial matters.
Taxes
Florida has long been a destination for those seeking to minimize their exposure to taxes. While federal taxes still apply, Florida does not impose state-level income taxes, capital-gains taxes, or estate taxes on trusts administered under its laws.
Multigenerational Dynasty Trust
Long-term trusts form the bedrock of financial stability for your family. Florida’s multigenerational trusts and favorable tax laws mean your trusts can shield multiple generations of your descendants from exposure to spousal claims, creditors, taxes, and other liabilities. In addition to state-level tax savings, multigenerational trusts can shield descendants from future estate, gift, and generation-skipping-transfer taxes.
Licensed vs. Unlicensed Trust Companies
A family trust company can be tailored to meet your needs. By authorizing both licensed and unlicensed family trust companies, Florida permits you to design the fiduciary solution that best suits your family. While there are differences between the two with regard to their formation and ongoing maintenance, both licensed and unlicensed trust companies grant families a high degree of control, stability, and confidence in the administration of their trusts.