Flint Trust

KELLY PASSIDOMO & KELLY LLP

EXPERIENCED NAPLES, FLORIDA LAWYERS

Our attorneys are experts in their individual fields for estate planning, taxation, business law, and real estate law, they take the time to meet with clients on an individual basis and to structure personalized goals for each client.

Kelly Passidomo & Kelly LLP is located in Naples, Florida. We believe our clients deserve high-quality and individualized attention by both our attorneys and our staff. As such, our prestigious attorneys and knowledgeable staff bring over forty-four (44) years of experience to benefit and support our clients. Practice areas for Chuck Kelly and Kyle Kelly include estate planning, estate
administration, tax planning, entity planning and corporate law and Kathleen Passidomo specializes in Real Estate Law.

Our clients are entitled to and receive personalized attention from our highly experienced team of legal experts. Please contact us concerning your legal needs to set up an appointment with one of our experienced attorneys. Whether it’s a question about your estate plan or a real estate transaction, the attorneys at Kelly Passidomo & Kelly LLP are dedicated to providing you with effective and high-quality legal services.

CHARLES M. KELLY, JR. | KATHLEEN PASSIDOMO | KYLE B. KELLY

REAL ESTATE LAW

Kathleen C. Passidomo works with individuals, corporations, and financial institutions in all aspects of transactional real estate, structuring and completing residential real estate closings for our clients and she is also a transactional expert. She assists clients with issuance of title insurance and the negotiation and completion of purchase and sales transactions involving real property.

ADVANCED ESTATE PLANNING

Deciding what will happen to your home, your financial assets, and your personal possessions after your death and the death of your spouse can be a difficult process. Our attorneys work with both individuals and their families to preserve, manage and efficiently transfer assets to their beneficiaries. Charles M. Kelly, Jr. seeks to create a comprehensive estate plan tailored to meet the ultimate goals of each client.

PROVIDING PROFESSIONAL LEGAL SERVICES

HOW THE FLINT™ TRUST WORKED

The Florida Constitution Article 7, section 5 prohibits the imposition of a tax upon the income earned by a resident of the state of Florida in excess of the credit to federal income taxes on account of such tax. At the present, no such federal income tax credit exists. Accordingly, the State of Florida is forced to base its intangible tax upon the ownership of principal, not the right to receive income. Prior to the 2000 Session of the Florida Legislature, there were basically two tests the State of Florida could have applied to determine whether a trust that contained taxable intangible assets was required to file an intangible tax return: the “Beneficial Interest” test and the “Florida Situs Trust” test. The 2000 Legislature amended §199.052 to state that the trustee of a trust holding intangible assets in the state of Florida would not be responsible for payment of annual tax on those assets, deleting references to A foreign trust and, thereby, doing away with the Florida Situs Trust test.

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