Many people choose to make Florida their state of residency because of our beneficial tax code. Unless you have fully relocated to the state permanently, it’s important to take steps to prove that you truly are a resident of Florida.
Generally, a state can only tax its non-residents on income from or assets located in that state. When you are no longer a resident of a state, and if you will no longer have income from or assets in that former state, it loses its ability to tax you. Thus, to prevent the loss of revenue from your departure, the former state may attempt to treat you as a resident, unless you prove otherwise.
Unless you take the appropriate steps to establish yourself as a Florida resident, your former state may still claim you on their tax rolls. In effect, you would counteract any benefits you saw in making Florida your state of residence.
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After moving to Florida, you will want to have an estate planning attorney update or draft an appropriate estate plan that reflects your new residency status. We want to try to make the estate planning process as simple and stress-free as we can. Call (561)998-2362 or click the button to schedule a free Financial Legacy Review online now.