Estate Planning Tips on The Value of Becoming a Florida Resident Domicile, Estate Planning Florida enjoys a reputation as a choice retirement destination. This is due largely to our climate and amenities for older Americans. In truth, our beaches, attractions, and the lack of state income tax make it an attractive place for younger Americans, too. In any case, there are certain steps associated with becoming a Florida resident that you need to know sooner rather than later to ensure you and your family are always protected. DOMICILE VS. RESIDENCE: FLORIDA RESIDENT TAX BENEFITS To begin with, it is important to understand two legal concepts: residence and domicile. Your place of residence is any home where you live on a recurring basis. It is not necessarily, however, the place where you live most of the time. This means your vacation home in another state may be legally classified as your residence, even if you only use it once or twice a year. A condo that you own in another city where you often stay on business could also be defined as your residence. The state or county in which you are domiciled is the one where your permanent residence is located. This is the place you and your family consider home. It is the place where you return from vacations and other time away. It is also the place where your car is registered, where you vote, and where you routinely complete other activities of daily life. The distinction is critical because the place where you are legally domiciled is a significant factor in estate planning, and Florida is also a preferable venue. How do you become a Florida resident, i.e. a Florida domiciliary? Let us share a bit more with you here in our blog. The following are key steps for establishing permanent residency or becoming legally domiciled here in Florida: • Filing a Florida Declaration of Domicile • Getting a Florida driver’s license • Registering your car in Florida • Registering to vote in Florida • Opening bank accounts in Florida • Letting any state or local tax agencies where you used to live know that you have moved to Florida • Applying for the Florida Homestead Exemption, if you bought a house or residence here • Updating your estate plan in compliance with Florida law Once you officially become a Florida resident, state laws will govern your estate plan. It is important to have an experienced estate planning lawyer review your existing documents to ensure they comply with applicable requirements. A Florida estate planning lawyer can provide advice and guidance about durable powers of attorney, choice of personal representative and what you need to do to protect yourself and your loved ones. Establishing a Florida domicile requires legal action. One critical factor in establishing Florida domicile is stating that fact in your estate planning documents. In other words, if your will from another state says that you are domiciled in that other state (likely a true statement when you made the will), it would behoove you to create a Florida will that states that you are now domiciled in Florida. If you are new to our state and have not yet found an attorney to review your estate plan or need to create an estate plan for the first time, we can help you. Law Offices of John Mangan, PA Palm City-Stuart, FLCALL: 1 (772) 218-0480 Do you question the need for attorney guidance with so many online resources? Because laws and regulations are complex, and because every person has a lot at risk, more people than ever are seeking professional guidance from an experienced, knowledgeable source. That helps explain the rapid growth of our firm. Whether you happened upon this website by accident or are one of the many referrals we receive from a nearly 15-year collection of satisfied clients, our staff can provide customized estate planning guidance for you. Call us. Our number: 1 (772) 218-0480 Written by: John Mangan, JD, MBA