Florida Governor Signs Law Amending Provisions Relating to Trust, Estate Disbursement

The Florida Governor May 29 signed a law amending provisions relating to trust and estate receipts and disbursements. The amendment includes: 1) provisions revising the sources from which a fiduciary must pay a tax required by a share of an entity’s taxable income; 2) provisions requiring a fiduciary to adjust income or principal receipts if the taxes paid are reduced due to a payment made to a beneficiary; and 3) provisions to make other changes authorizing a fiduciary to offset estate tax by obtaining payment from the beneficiary. The law takes effect Jan. 1, 2025. [H.B. 1093, enacted 05/29/24]