 The
benefits of declaring Florida as your state of “domicile”
are as follows:
-
Florida is a tax shelter state
-
Florida has no state income tax (State Constitutional
protection)
-
Florida has no estate tax (State Constitutional protection)
-
Florida is an asset protection state
-
Homestead is exempt from creditors
-
Cash value of life insurance and annuities is exempt from
creditors
-
Florida Domicile coupled with proper planning for assets
located in another state can avoid state death tax imposed
by such states.
The key to being successful in making the transition as a
Florida resident is consistency. There are a number of steps
that we recommend everyone take to ensure a successful
transition from their northern state of residence. Among
these is the creation of a Florida estate plan. Having an
estate plan and supporting legal documents that are drafted
by a Florida attorney, and for a Florida resident, are well
respected by every other state as a strong sign of
establishing domicile.
Other key items are: homestead exemption application
regarding real property taxes, driver’s and state sportsman
licenses, voter’s registration, country club memberships,
bank accounts, brokerage accounts, and other professional
services. At Cox & Nici, we have extensive experience with
this transition and time-tested relationships with local
banks and other professionals to make this transition both
smooth and successful.
Please call our office for a consultation, or for the date
of our next free public seminar. You will be treated with
the courtesy, respect, and care that are the trademarks of
our legal practice.
Contact us
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