The Palm Beach Daily News recently published an Estate Planning supplement featuring Gunster Trust & Estates Practice Chair Lisa Schneider and Shareholder Joshua Goldglantz on the topic of Florida’s Community Property Trust Act.
The Act, which was enacted on July 1, 2021, allows married couples to receive community property benefits not previously afforded to Florida residents.
“Community property has a significant income tax benefit that is not afforded to tenants by the entirety, or any other jointly owned property. Section 1014(b)(6) of the Internal Revenue Code provides that all community property assets, including the surviving spouse’s interest in community property, receives a full step-up in basis upon the death of the first spouse … This could be a powerful income tax planning tool for the right clients and situation,” note Schneider and Goldglantz.
Lisa A. Schneider leads Gunster’s Trust & Estates practice, co-chaired the firm’s Women’s Leadership Forum, and co-chairs the firm’s mentorship program. She focuses her practice on counseling families as to wealth preservation and transfer tax techniques, with a focus on planning for complex family structures and business succession. Lisa devotes her expertise and proactive counseling to guide the firm’s clients through complex transactions involving generations of families and succession planning for family businesses.
Joshua N. Goldglantz practices in Gunster’s Boca Raton office, and is a member of the firm’s Private Wealth Services group. As an attorney board certified in wills, trusts and estates, Joshua concentrates his practice in the areas of tax, estate planning and asset protection planning for high net worth individuals and families. Joshua advises clients with respect to planning and implementation of sophisticated estate planning structures in order to transfer wealth to future generations in a tax efficient manner.