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 Nici Law Firm 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.