Education and Advice

Florida Trust Advantages

Applicable to seasonal or permanent Florida residents with out-of-state trust assets

Your Trust Assets are Worth More.

Whether you’re a seasonal or permanent resident of Florida, there are significant tax advantages to domiciling your trust assets in Florida. Unlike other States, the State of Florida is “tax-friendly” to trusts that are domiciled in Florida, because it doesn’t impose income, estate, gift, intangibles, or generation-skipping transfer (GST) taxes.1

The Savings Add Up

Accumulated state income tax savings over 25 years—the amount that a $10 million trust would retain if domiciled in Florida, where there is no state income tax.  

Tax Savings Chart

Asset Protection

Florida also offers several opportunities to protect your family’s assets from creditors, including:

  • Dynasty trusts that continue for up to 360 years
  • Protection of your Florida home, cash surrender value of a life insurance policy, and proceeds of annuity contracts.
  • Beneficiary and participant benefits of an employer-sponsored retirement plan
    (e.g., 401(k) Plans, 403(b) Plans, Defined Benefit Plans, or Profit-Sharing Plans)
Contact Us If you would like additional information, please use the contact us form or if you would like to speak with a Financial Services Professional, please call 941.366.7222 ext. 50722.

 

Canandaigua National Trust Company of Florida is an affiliate of Canandaigua National Bank & Trust. Investments are not bank deposits, are not obligations of, or guaranteed by Canandaigua National Bank & Trust, or Canandaigua National Trust Company of Florida and are not FDIC insured. Investments are subject to investment risks, including possible loss of principal amount invested. Investments may be offered through affiliate companies.

1Tax information presented is not to be considered as tax advice and cannot be used for the purpose of avoiding tax penalties. Neither Canandaigua National Trust Company of Florida nor its affiliated Companies provide tax, legal, or accounting advice. Please consult your personal tax advisor, attorney, or accountant for advice on these matters.

 

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