Posts Tagged ‘estate tax’

Establishing a Florida residency is highly advantageous tax-wise, which is one of the reasons for Florida’s continuing population growth. Florida has neither state income tax nor any state inheritance tax.

While most states add an additional 10%-15% to the Federal Estate Tax, Florida does not. You may die in peace in Florida, knowing the State will not be taking pieces of the assets you’ve left for your loved-ones.

In addition, Florida even permits a Federal Estate Tax credit and a Homestead exemption which makes it possible for a property tax credit on your personal residence.

In spite of hurricanes and oil spills, Florida is truly a great place to live and to die..

I’m constantly asked: ” If I actually live elsewhere most of the year, can I still name Florida as my State of domicile?” The answer is yes!

In spite of what has become popular belief, the six-months-and-a-day rule for claiming Florida as your domicile is pure fiction.

You may reside here for even two weeks each year and still make the case that Florida is your “home state.”

The term “domicile” is defined as referring to a person’s residence coupled with the intent that the residence be permanent rather than temporary. Since there is no single definition that provides sufficient criteria to determine domicile in all case, the determination if a client has a possible double domicile is a factual question. .

Everyone who has significant contacts with more than one jurisdiction has a potential double domicile. However, in most cases, the problem only surfaces after death when litigation is usually the only solution. Determination of double domicile may impose multiple estate death taxes, delays in probate and additional expenses.

When confronted with an uncertain domicile question, the courts seek to determine a person’s intent. No single factor will determine the outcome.. An individual’s intention will be judged by considering the overall picture, including: actions, declarations and behavior, manner of living, associations and interests.

Our estate planning attorneys work from a domicile checklist in order to assure that the evidence is present that will show the probate court that you are truly a Florida resident, even if you rarely resided in Florida. For more information on making Florida your domicile, and to schedule a free consultation with one of our estate planning and asset protection attorneys, please contact the law firm of Wild Felice & Partners, PA at 954-944-2855 or via email at info@wfplaw.com. Let us protect what you value most.