West Palm Beach Domicile Planning Attorney
Your state of residence is an important factor in estate planning
Florida is a great place to retire. Our community enjoys year-round sun, warm weather, beautiful waterfronts, and a welcoming atmosphere. But there are other reasons to retire in the Palm Beach area, and Florida at-large. Florida residents enjoy significant tax benefits, both during their life and after death. However, this can create complex situations where so-called “snowbirds” live both in a northern state and Florida. The legal complexity here is that a person can technically be a part-time resident of multiple states, but that same person can generally only be “domiciled” in one state. If you cannot prove that you are domiciled in the Florida, then another state can theoretically tax you during life, and upon your death. The West Palm Beach domicile planning attorneys at Kitroser Lewis & Mighdoll help you understand the law and what steps you must take to establish domicile in Florida.
What does domicile mean and what steps can I take to be domiciled in Florida?
Given the number of retirees in Florida, many other states have lost significant tax revenue due to retirees claiming domicile in Florida. Other states have challenged this distinction, claiming that individuals only move to Florida as temporary residents in order to avoid taxes. This means that individuals interested in establishing domicile in Florida should consider taking a number of affirmative steps, including:
- Modify or Draft Estate Planning Documents. Your estate planning documents, such as wills and trusts, should designate Florida as your state of domicile. Additionally, you can have our Florida estate planning attorneys draft your documents and have them governed under Florida law.
- Receive Florida State ID Cards. If you reside in Florida, you can get a Florida driver’s license, along with occupying vehicle registration. You can also register to vote in Florida and receive a Florida voter registration card.
- Transfer Accounts to Florida Institutions. Transferring bank, brokerage, and investment accounts – along with other high-value items such safe deposit boxes – to Florida institutions and brokers is a wise strategy. Even if you use a national servicer of accounts, or retain some accounts in another state, make sure your Florida address is your address of record.
- Amend Real Property Designations. If your Florida residence is your permanent residence, file for homestead exemption on your Florida residential property. This means you will have to remove the homestead designation from property in another state. Additionally, you can deed out of state property to a revocable trust established in Florida and under Florida law.
- Transfer Addresses and File in Court. All relevant documents and accounts should reflect your Florida address. Additionally, you can file a Declaration of Domicile with the court in the Florida county where you reside.
There are other steps you can take as well. Since everyone’s financial and living situation is unique, it is best to contact our innovative South Florida domicile attorneys to craft legal domicile solutions and strategies which work for you and your family
Contact knowledgeable Florida domicile planning attorneys today for a free consultation
Proving where you live often requires professional legal counsel and careful planning. If you need help establishing domicile in Florida, contact Kitroser Lewis & Mighdoll today for a free consultation at 561-721-0600 or contact us online. We serve Palm Beach, North Palm Beach, Palm Beach Gardens, West Palm Beach, Jupiter, Juno Beach, Singer Island, Tequesta, Hobe Sound, Lake Park, and other areas of South Florida.