736.1511 – Application of Internal Revenue Code; community property classified by another jurisdiction.
736.1511 Application of Internal Revenue Code; community property classified by another jurisdiction.—For purposes of the application of s. 1014(b)(6) of the Internal Revenue Code of 1986, 26 U.S.C. s. 1014(b)(6), as of January 1, 2021, a community property trust is considered a trust established under the community property laws of the state. Community property, as classified […]
736.1512 – Unenforceable trusts.
736.1512 Unenforceable trusts.— (1) A community property trust executed during marriage is not enforceable if the spouse against whom enforcement is sought proves that: (a) The trust was unconscionable when made; (b) The spouse against whom enforcement is sought did not execute the community property trust agreement voluntarily; (c) The community property trust agreement was the product of fraud, duress, […]
736.1501 – Short title.
736.1501 Short title.—This part may be cited as the “Community Property Trust Act.” History.—s. 29, ch. 2021-183.
736.1502 – Definitions.
736.1502 Definitions.—Unless the context otherwise requires, as used in this part: (1) “Community property” means the property and the appreciation of and income from the property owned by a qualified trustee of a community property trust during the marriage of the settlor spouses. The property owned by a community property trust pursuant to this part and the […]
736.1503 – Requirements for community property trust.
736.1503 Requirements for community property trust.—An arrangement is a community property trust if one or both settlor spouses transfer property to a trust that: (1) Expressly declares that the trust is a community property trust within the meaning of this part. (2) Has at least one trustee who is a qualified trustee, provided that both spouses or either […]
736.1504 – Agreement establishing community property trust; amendments and revocation.
736.1504 Agreement establishing community property trust; amendments and revocation.— (1) In the agreement establishing a community property trust, the settlor spouses may agree upon: (a) The rights and obligations in the property transferred to the trust, notwithstanding when and where the property is acquired or located. (b) The management and control of the property transferred into the trust. (c) The […]
736.1505 – Classification of property as community property; enforcement; duration; management and control; effect of distributions.
736.1505 Classification of property as community property; enforcement; duration; management and control; effect of distributions.— (1) Whether both, one, or neither is domiciled in the state, settlor spouses may classify any or all of their property as community property by transferring that property to a community property trust and providing in the trust that the property is […]
736.1506 – Satisfaction of obligations.
736.1506 Satisfaction of obligations.—Except as provided in s. 4, Art. X of the State Constitution: (1) An obligation solely incurred by one settlor spouse before or during the marriage may be satisfied from that settlor spouse’s one-half share of a community property trust, unless a greater amount is otherwise provided in the community property trust agreement. (2) An […]
736.1507 – Death of a spouse.
736.1507 Death of a spouse.—Upon the death of a spouse, one-half of the aggregate value of the property held in a community property trust established by the settlor spouses reflects the share of the surviving spouse and is not subject to testamentary disposition by the decedent spouse or distribution under the laws of succession of the […]
736.1508 – Dissolution of marriage.
736.1508 Dissolution of marriage.— (1) Upon the dissolution of the marriage of the settlor spouses, the community property trust shall terminate and the trustee shall distribute one-half of the trust assets to each spouse in accordance with subsection (3). For purposes of this act, s. 61.075 does not apply to the disposition of the assets and liabilities […]