By Jennifer L. Fulton, Esquire
There’s no place like home . . . and from an estate and tax planning perspective, there is no place to call home like Florida. In addition to all that sunshine, Florida has no state income, fiduciary, estate or inheritance tax, and offers strong constitutional homestead creditor protection, making it a great place to retire.
But you must take proactive steps to establish yourself as a resident of Florida. Some states are reluctant to accept that you have abandoned your domicile with them, and require substantial proof. Some people meet the criteria required in Florida to be a resident, but fail to satisfy another state that they have transferred their domicile to Florida. Each state is different, but New York and New Jersey are two of the most aggressive. There is no such thing as a “complete list” of what one must do persuade your former state that you have established your domicile in Florida, but the more you do, the better. Here are some general guidelines:
If you are ready to switch from “Snowbird” to “Florida Resident,” let your estate planning attorney help you get started.
Jennifer L. Fulton, Esq. is an attorney, of counsel, at Bresky Law (www.breskylegal.com) focusing on Estate Planning, Probate, and Estate and Trust Administration. A member of the Florida Bar since 1996 with a Juris Doctor degree from Nova Southeastern University, Fulton works with clients to plan for the milestones of life (college, “adulting”, marriage, children, grandchildren, aging parents, pre- and post-divorce, loss of a spouse, aging, diminished mental capacity) and administration upon death. She can be reached at 561-994-6273 or EstatePlanning@BreskyLegal.com.
This information is provided for general educational purposes and may not apply to your specific situation. Please consult with an attorney before relying on this information.