Florida Senate - 2022                        COMMITTEE AMENDMENT
       Bill No. SB 1502
       
       
       
       
       
       
                                Ì971550ÇÎ971550                         
       
                              LEGISLATIVE ACTION                        
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       The Committee on Banking and Insurance (Powell) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 57 and 58
    4  insert:
    5         Section 2. Subsection (3) of section 736.0505, Florida
    6  Statutes, is amended to read:
    7         736.0505 Creditors’ claims against settlor.—
    8         (3) Subject to the provisions of s. 726.105, for purposes
    9  of this section, the assets in:
   10         (a)1. A trust described in s. 2523(e) of the Internal
   11  Revenue Code of 1986, as amended;, or
   12         2. A trust for which the election described in s. 2523(f)
   13  of the Internal Revenue Code of 1986, as amended, has been made;
   14  or
   15         3. An irrevocable trust not otherwise described in
   16  subparagraph 1. or subparagraph 2. in which:
   17         a. The settlor’s spouse is a beneficiary as described in s.
   18  736.0103(19)(a) for the lifetime of the settlor’s spouse;
   19         b. At no time during the lifetime of the settlor’s spouse
   20  is the settlor a beneficiary as described in s. 736.0103(19)(a);
   21  and
   22         c. Transfers to the trust by the settlor are completed
   23  gifts under s. 2511 of the Internal Revenue Code of 1986, as
   24  amended; and
   25         (b) Another trust, to the extent that the assets in the
   26  other trust are attributable to a trust described in paragraph
   27  (a),
   28  
   29  shall, after the death of the settlor’s spouse, be deemed to
   30  have been contributed by the settlor’s spouse and not by the
   31  settlor.
   32  
   33  ================= T I T L E  A M E N D M E N T ================
   34  And the title is amended as follows:
   35         Delete line 7
   36  and insert:
   37         of claims; amending s. 736.0505, F.S.; revising the
   38         types of trusts deemed to have been contributed by a
   39         settlor’s spouse and not the settlor; amending s.
   40         736.0705, F.S.; providing that