Dinner Meeting: Principal and Income - Understanding the Evolution of Florida’s Act and Planning for the Future
Join us for dinner, networking, and an update on Florida's new Income and Principal Act.
Florida, following the 1997 Uniform Principal and Income Act, adopted the Florida Uniform Principal and Income Act in 2002. Recognizing areas for improvement and acknowledging the changing use and nature of trust arrangements, in 2018 The National Conference of Commissioners on Uniform State Laws adopted a new principal and income act, known as the Uniform Fiduciary Income and Principal Act.
Also in 2018, the Principal and Income Committee of the Real Property, Probate and Trust Law Section of the Florida Bar began analyzing the 2018 Uniform Act, to determine the extent to which it should be adopted in Florida. After consultation with various stakeholders – including other Sections of the Florida Bar, the Florida Banker’s Association, and the Florida Institute of Certified Public Accountants – a revised Act was proposed by the RPPTL Section of the Florida Bar and ultimately signed into law by Florida’s Governor on May 29, 2024. The Act becomes effective January 1, 2025.
What were the reasons behind the change and what does this mean for you and your clients?
JOLYON D. ACOSTA is a shareholder at Bush Ross in Tampa. He is Board Certified in Wills, Trusts and Estates. He is a longtime member of the Florida Bar RPPTL Section, where he serves as Co-Chair of the Principal and Income Committee. He is a member of the Florida Bar Tax Section and the Florida Institute of Certified Public Accountants. He also serves on the Board of the Florida Tax Institute.
Not a Member of the Estate Planning Council? If you join today, this Dinner Meeting is included in your membership.
