Florida Statutes 738.413 – Marital deduction property not productive of income
Current as of: 2024 | Check for updates
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(1) If a trust received property for which a gift or estate tax marital deduction was allowed, or if a trust received property satisfying the requirements of s. 732.2025(2)(a) and (c), and such property has been used in whole or in part to satisfy an election by a surviving spouse under s. 732.2125, and the settlor‘s spouse holds a mandatory income interest in the trust, the spouse may require the trustee, to the extent that the trust assets otherwise do not provide the spouse with sufficient income from or use of the trust assets to qualify for the deduction, or to satisfy an election by a surviving spouse under s. 732.2125, to make the property productive of income within a reasonable time. The trustee may:
(a) Convert property to property productive of income within a reasonable time;
Terms Used In Florida Statutes 738.413
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Estate: means a decedent's estate, including the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Florida Statutes 738.102
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Income: means money or other property a fiduciary receives as current return from principal. See Florida Statutes 738.102
- Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
- Settlor: means a person, including a testator, who creates or contributes property to a trust. See Florida Statutes 738.102
- Terms of a trust: means :(a) Except as otherwise provided in paragraph (b), the manifestation of the settlor's intent regarding a trust's provisions as:1. See Florida Statutes 738.102
- Trust: includes an express trust, whether private or charitable, with additions to the trust, wherever and however created; and a trust created or determined by a judgment or decree under which the trust is to be administered in the manner of an express trust. See Florida Statutes 738.102
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means a person, other than a personal representative, that owns or holds property for the benefit of a beneficiary. See Florida Statutes 738.102
(b) Exercise the power to adjust under s. 738.203;(c) Exercise the power to convert to or from a unitrust under s. 738.303; or(d) Exercise the fiduciary‘s authority under the terms of the trust to otherwise provide the surviving spouse with sufficient income from the trust assets, or the use of the trust assets, to qualify for the marital deduction, or to satisfy an election by a surviving spouse under s. 732.2125.(2) The trustee may decide which action or combination of actions listed in subsection (1) to take.(3) Subsection (1) shall apply even though, in the case of an elective share trust under s. 732.2025(2), a marital deduction is not made or is only partially made.(4) The terms of a trust as defined in s. 738.102 may not supersede this section unless such terms explicitly reference this section.