Establishing Residency in Florida Could Be the Financial Boost You Need

As attorneys based in Florida, we understand the many benefits of living in the Sunshine State. It’s exactly why population trends have Florida on the rise as the state with the largest domestic migration growth in recent census data.

With so many people moving here, we see plenty of people wondering what the appeal is and how to actually establish residency here. We understand many people spend part but not all of their time in Florida, so will you be able to become a Florida resident if you’re only there part-time? From a legal and financial perspective, the answers to these questions are important if you want to take advantage of all the Sunshine State has to offer.

Benefits of establishing residency in Florida

We won’t even get into the great weather or entertainment aspect of coming to Florida, as you probably already know all about those. Instead, we want to focus on the legal and financial benefits in the state.

Some of the most obvious benefits of living in Florida are the financial advantages. One of the most obvious benefits is the lack of income tax in Florida. Only six other states (Alaska, Nevada, South Dakota, Texas, Washington, and Wyoming) don’t have an income tax, and this could save you thousands every single year.

Another major benefit is the lack of state estate and inheritance taxes. This means you can protect yourself from the high cost of owning and managing certain assets that other states will impose. Some of those assets may also be exempt from certain levies or garnishment depending on the asset itself. The lack of an inheritance tax means your beneficiaries won’t face severe costs when assets are transferred into their name like they would in other states.

Residency guidelines

Legally, establishing residency in Florida is relatively simple but it’s not as clear-cut as just driving or flying into the state with plans to stay. There are several steps you can take to formally validate your residency status in Florida:

  • Establish a physical address
  • Notify the IRS of your change of address
  • Go to the FLHSMV to get a Florida driver’s license and Florida license plates
  • Gain employment in Florida
  • Register to vote in your Florida county
  • File any financial paperwork (including bank account information) with your new address

If you do most or all of these steps, you’re likely to be definitively established as a resident in Florida. Other superficial steps such as bringing more of your belongings to Florida if you have more than one address, hiring a new attorney in Florida, choosing a PCP in Florida, and other similar steps can further reinforce your Florida residency.

Once you’re in the Sunshine State, you should make sure you have the best legal advice to help you take advantage of all our state has to offer. At Waserstein & Nunez, we want to welcome you to Florida and help you navigate the tricky waters of legal issues in our state. Contact us for your business, financial, real estate, and tax law needs.

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Waserstein & Nunez, PLLC

Waserstein & Nunez, PLLC is a boutique law firm with extensive and varied experience of a large law firm. They are geared towards deal-making and solutions but always preparing and ready for trial or Plan B.

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