USA – FLORIDA Law and Practice Contributed by: Jennifer Jordan McCall, Drew Reitz and Christine Tsai, Pillsbury Winthrop Shaw Pittman LLP
Florida does not have a comparable beneficial own - ership statute. However, corporations, limited liability companies, limited partnerships, and limited liability partnerships organised or doing business in Florida are required to file an annual report with the Division of Corporations. Such annual report must identify at least one “principal” of the entity. The annual reports are public information. 2. Succession 2.1 Cultural Considerations in Succession Planning Florida has been seeing unprecedented levels of population growth in recent years, with Miami becom - ing one of the top US destinations for ultra-high-net worth and affluent individuals. Many of these indi - viduals present unique and bespoke circumstances which require non-traditional succession planning and asset protection. These plans may take into account the individual’s re-domiciliation to Florida, charitable dispositions, private placement life insurance, and federal gift and estate tax planning, among others. 2.2 International Planning Planning for families who have global ties presents its own set of challenges and requires expertise not only on the part of the US attorneys advising the family, but also attorneys from each applicable foreign jurisdic - tion. The nuances of these situations are highly factual and require navigating US trusts and taxation laws, such as applicable laws in the foreign jurisdiction and any existing treaties between the two jurisdictions which may influence the advice given. Such clients should seek competent counsel to advise them on the various aspects of their planning objectives. 2.3 Forced Heirship Laws Florida does not have forced heirship laws. However, a spouse generally cannot be disinherited by will, in the absence of a valid agreement such as a pre- or post-nuptial agreement. The surviving spouse is enti - tled to a minimum of an elective share of 30% of the decedent’s elective estate. In addition, a spouse and minor children are entitled to a share of homestead property upon the death of a co-owner of the home - stead. The surviving spouse receives a life estate,
allowing them to live in and use the property for life, with a vested remainder going to the descendants in being at the time of the decedent’s death. Addition - ally, the surviving spouse can elect an undivided 50% interest in the homestead as a tenant in common, with the remaining undivided 50% interest vesting in the decedent’s descendants in being at the time of the decedent’s death. 2.4 Marital Property Florida is an equitable distribution jurisdiction. Upon a dissolution of marriage, a court will identify and divide marital property, and allow each spouse to keep their own separate non-marital property. When dividing marital property, the court is guided by equity and fairness, which does not always imply an equal 50-50 split between the spouses. However, the court must begin with the premise that the distribution should be equal, unless there is a justification for an unequal distribution based on all relevant factors, including, but not limited to, the contribution to the marriage by each spouse, the economic circumstances of the parties, the duration of the marriage, and the interrup - tions of personal careers or educational opportunities of each party. In Florida, the presumption is that marital property includes all assets acquired and all liabilities incurred during the course of a marriage. It is irrelevant which spouse purchases the asset. For instance, if a hus - band or wife purchases a classic painting with money earned from his or her separate paycheck, the paint - ing can still be treated as marital property. In Florida, keeping assets in one’s name does not provide pro - tection. Moreover, all real property held by the parties as tenants by the entireties, whether acquired prior to or during the marriage, are presumed to be marital assets. The following are not considered marital property: 1) assets acquired and liabilities incurred by either party prior to the marriage, and assets acquired and liabili - ties incurred in exchange for such assets and liabili - ties; 2) assets received as a gift or inheritance (other than from the other spouse), and assets acquired in exchange for those gifts or inheritances; 3) all income derived from nonmarital assets during the marriage unless the income was treated, used, or relied upon by
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