Florida has been a destination for the assets of wealthy families for decades. But as other jurisdictions have revisited their own trusts and estates laws in a bid to catch up, the Sunshine State’s well-established private wealth bar has played a key role in pushing for legislative changes to maintain its historic edge.

Last year, those efforts translated to lawmakers pushing Senate Bill 1368 through the state Legislature, which was signed into law by Gov. Ron DeSantis in May. One of the most significant changes in the new measure extends the life of a trust in Florida to 1,000 years, giving trusts a much longer tax shield. In comparison, most states limit trusts to 90 years, and Florida’s limit before the recent changes was capped at 360 years, but certain other states were first to adopt the thousand-year limit.