BETTEN, MURPHY & WEISS
Attorneys, PA

Florida Residency is your intention to make Florida your home.

Florida Residency is important because Florida Residents do not pay an Income Tax or an Estate Tax and you become eligible for the Homestead Exemption from Property Taxes. In fact, some states are now trying to tax retirement benefits earned in the state, whether or not the retiree is a resident.

Florida Residency is not enough. You must also cut your ties to the former state. Your former state may continue to have an Estate Tax claim on your real estate and other assets still in the former state. Especially tricky is intangible personal property. Florida does have an intangible tax but the former state may have an income tax or intangible tax of it's own which may also affect intangible personal property.

Since the bulk of most estates are intangible personal property, they may be subject to probate in both states. Attempting to resolve a domicile dispute will be costly and further delay the disposition of your estate. Even when you are a Florida resident, the former state may still try to impose it's Estate Tax.