IN ADDITION TO the sunny days, another benefit of moving to Florida is the state’s liberal asset protection laws and tax laws. However, to take advantage of these benefits, you have to make sure your actions demonstrate intent to make Florida your permanent home. Florida defines a permanent residence as “that place where a person has his or her true, fixed, and permanent home and principal establishment to which, whenever absent, he or she has the intention of returning.” Meyer Law Firm can help you take the necessary steps to ensure Florida domicile.
The state lists the following factors that may be considered in determining your intent to establish Florida residency:
- Formal declaration of residency (Declaration of Domicile).
- Your designated mail address.
- Informal statements regarding residency.
- Place of your employment.
- Termination of your previous residency in another state or country.
- Registration to vote in Florida.
- A Florida driver’s license.
- Florida license tags on all your vehicles.
- Using a Florida address on your federal income tax forms.
- Previously filed Florida intangible tax returns.
What are the advantages to having Florida residency?
Lower Taxes: If you establish homestead, your assessed property tax is reduced by $50,000. Additionally, there is a cap on how much your taxes can be raised annually. This cap was put in place as a “save our homes” policy during times when property values increased rapidly, resulting in people not being able to stay in their homes.
Home Protection: Without a well thought out plan, your home may not go to whom you want it to go to. If a homestead owner passes, he is not allowed to pass the home on to anyone other than the surviving spouse if there are no minor children.
Creditor Protection: If set up correctly, the homestead law also can provide protection against creditors.
Meyer Law Firm can help with Florida residency planning; ensuring that you legally meet residency requirements so that you can enjoy more of the advantages of the sunshine state. Ready to get started? Contact us today.
