Helping clients plan for their family's future, by creating an efficient, thoughtful and comprehensive estate plan that preserves their legacy and gives them peace of mind.

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BECOMING A FLORIDA RESIDENT

Serving Clients in Englewood Florida and the Surrounding Area

Florida economists tell us that 950 people move to Florida each day to escape high taxes and enjoy  year-round warm weather.  But to take advantage of no state personal income tax and other tax saving benefits, such as the homestead exemption, proper planning is required.

THE HOMESTEAD EXEMPTION

One of the great advantages of becoming a Florida resident is being able to benefit from the homestead tax exemption.  It reduces the taxable value of your home by $50,000 for most property tax giving you a discount on real estate taxes.  It also caps the amount your home=s taxable value can increase each year to 3%.  This means that even if the market value of your house increases by 25% the amount that your property taxes are based on only goes up a mere 3%.  Over the years, this can result in tens of thousands of dollars in property tax savings.

But how your home is titled as well as the timing of becoming a Florida resident can affect the validity of your homestead exemption.

BECOMING A FLORIDA RESIDENT

Becoming a Florida resident is relatively simple.  However, it is even more important that you cut the ties from your previous state to avoid paying needless income taxes to them.  Each state has its own laws that determine whether or not you will still be subject to taxation and regulation after moving to Florida.

FLORIDA RESIDENCY AND ESTATE PLANNING

Because each state has its own laws regulating your Last Will, revocable trust, durable powers of attorney and health care directives, it is important to review and possibly replace those documents when moving to Florida.  Many estate plans have been ruined by law changes resulting from moving from one state to another.  Second marriage estate planning is extremely important as Florida law may override your wishes and lead to unwanted results.  Keeping estate planning documents from your previous state can even be a loose end tying you to that state for taxation purposes.

Dean Hanewinckel can help you address the issues created by becoming a new Florida resident.  He is the author of The Official Snowbird’s Guide to Becoming a Florida Resident, a popular book that has helped thousands of people become new Florida residents.