SENATE AMENDMENT

    Bill No. CS for SB 720

    Amendment No. ___   Barcode 484502

                            CHAMBER ACTION
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11  Senator Burt moved the following amendment:

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13         Senate Amendment (with title amendment) 

14         On page 8, between lines 20 and 21,

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16  insert:

17         Section 2.  Subsection (8) of section 732.2025, Florida

18  Statutes, is amended to read:

19         732.2025  Definitions.--As used in ss.

20  732.2025-732.2155, the term:

21         (8)  "Qualifying special needs trust" or "supplemental

22  needs trust" means a trust established for an ill or a

23  disabled surviving spouse with court approval before or after

24  a decedent's death, if, commencing on the decedent's death:

25         (a)  The income and principal are distributable to or

26  for the benefit of the spouse for life in the discretion of

27  one or more trustees less than half of whom are ineligible

28  family trustees.  For purposes of this paragraph, ineligible

29  family trustees include the decedent's grandparents and any

30  descendants of the decedent's grandparents who are not also

31  descendants of the surviving spouse; and

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    1:58 PM   03/07/02                              s0720c1c-16m0a




                                                  SENATE AMENDMENT

    Bill No. CS for SB 720

    Amendment No. ___   Barcode 484502





  1         (b)  During the spouse's life, no person other than the

  2  spouse has the power to distribute income or principal to

  3  anyone other than the spouse.

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  5  The requirement for court approval shall not apply if the

  6  aggregate value of all property in all qualifying special

  7  needs trusts for the spouse is less than $100,000. For

  8  purposes of this subsection, value is determined on the

  9  "applicable valuation date" as defined in s. 732.2095(1)(a).

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11  (Redesignate subsequent sections.)

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14  ================ T I T L E   A M E N D M E N T ===============

15  And the title is amended as follows:

16         On page 1, line 4, after the semicolon,

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18  insert:

19         amending s. 732.2025, F.S.; redefining the term

20         "qualifying special needs trust" established

21         for a surviving spouse;

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