Governor Bush signed HB 209 (The Intangible Tax Repeal) into law on July 27, 2006.  The repeal of Florida's intangible tax is now law and is effective January 1, 2007.

Florida Intangible tax avoidance trusts (FLITE, FLINT, etc.) are no longer needed as Florida does not tax intangible assets under the new law.

Every trust has unique terms that will affect options available to the trustee and beneficiary to address this situation.  In addition, a trust that avoided the intangible tax may have other useful purpose or may otherwise impose obligations that affect the decision and/or method to legally end the trust.

The Law Office of Craig F. Snyder, P.A.  is available to give guidance to trustees and to beneficiaries regarding the repeal of Florida's intangible tax and its impact on potential termination decisions related to trusts.