TALLAHASSEE, Fla. — Florida has long been a tax haven, but new trust laws enacted over the past three years friendly to the heirs of the Walmart fortune and other families will make the state even more accommodating to the uber-rich looking to hide wealth and avoid taxes for generations to come.
Such trusts are crucial to keeping trillions of dollars out of the federal treasury, enough to pay down a big chunk of the national debt or spend on education, social services or other government programs.
The three new laws give Florida a more competitive edge in the trust and estate management business, and protect the personal information of wealthy families, bill sponsors said.
