Florida Family Trust Company Glitch Bill Passes Senate
Making its way through Florida’s legislature is Florida Senate’s family trust company bill, SB 568. This bill is informally known in Florida Bar circles as the Florida Family Trust Company Act “glitch bill.” The glitch bill fixes a number of issues in the original FTC bill enacted June, 2014.
The glitch bill has been anticipated since before that enactment, and that expectation was the main reason for the Act’s October 1, 2015 effective date.
(If you can’t see the entire post, click “Continue Reading” below).
Florida Family Trust Company Bill Status, as of April 28, 2015:
The glitch bill moved through all of the various legislative committees with no noted opposition. On April 27th, 2015, the bill passed the Florida Senate, 39-0. The House is expected to pass and enroll the bill in the next few days. Assuming no glitches with the glitch bill, it will likely be signed by the governor in June, 2015.
For more on the contents of the glitch bill, see this post.
How Can Oakstone Law Help?
Oakstone Law’s founder Bob Kleinknecht has been an integral part of building the Florida Family Trust Company legislation which originally became law in June, 2014. He is a member of the Florida Bar’s Family Trust Company Subcommittee of the Estate and Trust Tax Planning Committee. Working on the Subcommittee with a number of other influential attorneys in the state of Florida, and with Florida’s Office of Financial Regulation, Bob has helped craft legislation that will give families the opportunity to create their own family trust company (FTC) right here in Florida.
Bob has also worked with FTC professionals in New Hampshire, Nevada and South Dakota, learning the ins and outs of the setup, structures and mechanics. Now that the FTC is finally coming to Florida, we expect a number of families will decide that Florida has more to offer than these other jurisdictions and move their existing FTC to Florida or create a new FTC in the state. We are ramping up to be ready for this exciting opportunity.
For more information on Florida Family Trust Companies, and to download our free whitepaper, Family Trust Companies in Florida, click here.
About Oakstone Law, PL
Oakstone Law PL was founded by Bob Kleinknecht. A member of the Florida Family Trust Company Subcommittee, the Estate Tax & Trust Planning (ETTP) Committee and the Real Property, Probate & Trust Law (RPPTL) Section of the Florida Bar, Kleinknecht has 15 years’ experience.
Prior to founding Oakstone law, he spent more than eight years serving as a personal, in-house estate, tax and charitable planning attorney for a Forbes 400 family in New York and Florida. Before that he was an estate planning and estate settlement attorney with prominent firms in Boston and Washington, D.C. after beginning his career with a boutique firm in Naples, Florida.
Licensed in Florida and Massachusetts, Kleinknecht has developed a practice model that eliminates billing by the hour and offers a streamlined, customized client process supported by technology, security and a personal approach.
For more information on Oakstone Law, click here. To get in touch with us, click here to send us an email, or call 239-206-3454. Our office is located at 5137 Castello Drive, Suite 2 in Naples, Florida 34103.