Florida Community Property Trusts

Florida Community Property Trusts: Maximizing Benefits for Married Couples

A Florida Community Property Trust is a new and unique estate planning tool available to married couples that can offer significant tax advantages and streamline the distribution of assets. By establishing a community property trust, couples can classify their jointly held assets as community property, which may provide certain tax advantages. This option allows Florida couples to take advantage of benefits that are traditionally available in community property states, even though Florida itself is not one.

At Warshofsky Law, we help couples utilize Florida Community Property Trusts to strengthen their estate plans and maximize tax benefits. This type of trust is particularly valuable for its step-up in basis feature, which can reduce or eliminate capital gains taxes when assets are sold after one spouse passes away. By classifying assets as community property, both halves of the property receive a stepped-up basis, potentially saving a significant amount for surviving spouses or heirs.

Clients should only consider this type of trust if they have significant unrecognized capital gains and after discussing it with their CPA or tax professional.

Customizing Your Florida Community Property Trust At Warshofsky Law, we work with you so that the Florida Community Property Trust is carefully tailored to your specific situation based on your property and family situation. We can work with your CPA or tax professional to select the appropriate assets for the trust and provide guidance coordinating this with the rest of your estate plan.

Maximize Your Estate’s Potential  To learn how this trust can benefit you and your spouse, contact the offices of Jason Warshofsky at 305-446-1244 or email Jason at Jason@WarshofskyLaw.com to schedule a consultation.