ESTABLISH FLORIDA RESIDENCY
Tens of thousands of people throughout the country move to Florida every year. Some come to avoid a snowy winter. Others come for a new job or a new lifestyle. Whatever the reason, once they arrive, they all need to answer one big question: whether they plan to call Florida their official “home.”
While it seems like a simple question, it’s an important one to consider, as the laws that govern one’s home state will also govern his or her tax liabilities, estate planning and other financial concerns. The question is especially important for retirees and others who are planning to live in Florida part time while maintaining a residence in another state or country the rest of the year.
To Be, or Not to Be (a Resident): That is the Question!
Choosing to own a residence in Florida is much different than choosing to be a resident of Florida. The latter requires that one declare “domicile” in Florida. When declaring Florida domicile, you’re stating officially that you wish to make Florida your permanent home.
Why does it matter? More and more, people are discovering that declaring domicile in Florida has many different benefits. For instance, Florida is an extremely tax-friendly state. It’s one of just a few states in the country with no state income tax, which could save the average tax payer some 10 percent of his or her annual salary each year.
Additionally, Florida has no estate or gift taxes, meaning that you’re better able to protect the assets you’ve worked so hard for. And once you pass away, your surviving family members will be better protected, too.
A major benefit of living in Florida is the Florida Homestead Exemption, which rules that permanent residents cannot be taxed on up to $50,000 of their primary home’s assessed value.
A Guide to Establishing Florida Residency covers everything that you need to know to become a Florida resident and to declare Florida domicile. It also includes a comprehensive list of website resources with links so that you can delve further into specific areas of interest.
To learn everything about Florida Residency Requirements, order A Guide to Establishing Florida Residency today! Click here!