Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 1 of 1
Full-Text Articles in Law
How Beneficial Is Florida's Community Property Trust Act To The Marital Estate? A Legislative Analysis Of Florida's Community Property Trust Act, Massiel Alonso
How Beneficial Is Florida's Community Property Trust Act To The Marital Estate? A Legislative Analysis Of Florida's Community Property Trust Act, Massiel Alonso
St. Thomas Law Review
Florida is a migratory state, famous for its tropical climate and its generous tax laws. Now, Florida is joining Alaska, Tennessee, South Dakota, and Kentucky in offering a Community Property Trust for marital property. One of the benefits of a Community Property Trust Act (“CPTA”) is that when a spouse owning community property dies, the basis of both the deceased spouse’s and the surviving spouse’s (50%) shares of the property are adjusted to the property’s fair market value at the date of the decedent spouse’s death. This sort of tax adjustment is referred to as a “double step-up in basis,” …