Of course, the longer you live in Florida, the stronger your demand for Florida residency to protect your assets. To become a Florida resident and establish your residence here, you must log out of the state from which you moved. For example, you would have to sell your current residence outside of Florida, surrender your out-of-state driver`s license, and close your bank accounts in the state where you previously resided. It is difficult to claim Florida residency if your driver`s license and vehicle registration are located elsewhere. To become an official resident of Florida, you must move to Florida, sever as many ties as possible with the state you are leaving, and demonstrate your intention to make Florida your permanent residence. Only then can you legitimately benefit from Florida`s generous asset protection laws and no estate and personal income taxes. All or most of the steps outlined in this guide to becoming a Florida resident guide should help you along the way. Second, Florida does not levy estate tax or state estate tax. A number of northern states – Connecticut, Illinois, Maryland, Massachusetts, Minnesota, New Jersey, New York and Pennsylvania, to name a few – will tax your estate or heirs if you die as a resident. However, if you are declared a resident of Florida, these taxes from other states can be avoided.
Your family will thank you when you pass. Becoming a Florida resident means something different in terms of state income tax than it does in terms of protecting property in Florida. While there may be certain requirements to physically stay in Florida with respect to income taxes levied by other states (Florida does not have income tax), there is generally no requirement of this type of time to become a Florida resident for asset protection. The term “Florida resident” has different meanings in different parts of Florida law. For asset protection, Florida residency means more than just owning Florida real estate or a Florida address. Whether or not you qualify as a permanent resident of Florida depends on your situation and your actions proving your intention to establish primary residence in Florida. If “coming home” means you`re returning to your Florida residence and your mail is sent to your Florida address, you`re likely a Florida resident. For the protection of Florida assets, what is required to become a Florida resident is a genuine intention to make Florida your permanent residence. There is no strict six-month time limit. Most states enforce what`s known as the 183-day rule, which requires a person to live in Florida for at least 183 days (more than six months) to be considered a resident. In addition to paying taxes in Florida, take advantage of state tax breaks for residents.
For example, if you own a home in Florida, apply for a tax exemption for state property tax. Not only could the assessed value of your home be reduced by up to $50,000, but it`s also further proof of your Florida residency status. It`s a win-win situation! fortmyers.floridaweekly.com/articles/should-you-take-steps-to-make-florida-your-domicile/ If you already live in Florida, you must meet basic residency requirements by obtaining a Florida driver`s license, registering your car out of state, and registering to vote. If you live in two different states, you must submit a declaration of residency to prove that Florida is your primary residence. In order to obtain approval for the declaration, you must prove your physical presence in Florida as well as your “intention” to stay. Proof of intent may include employment, spouse, community participation and election registration. Be aware that it will be much easier to start a residency if you are currently employed in Florida! However, in rare situations, a person may be a resident of two states for state income tax purposes. This situation occurs when a person is a resident of one state but lives in another state for more than 183 days. This could lead the other state to levy income taxes. New residents must apply for a Florida driver`s license in person at a local office that offers driver`s license services (click here (opens in a new window) to find the nearest office). The fee for an initial Class E license in Florida is $48 (unless you are a veteran, the local tax collector may also charge an additional $6.25 service fee).
You will also need to submit certain documents to obtain a REAL ID-compliant driver`s license (the list of documents required for U.S. citizens can be found on the Florida Department of Highway Safety and Motor Vehicles website (opens in a new tab)). One of the clearest ways to signal your intention to become a Florida resident is to file a declaration of Florida residency at your county district court office. Filing a Domicle declaration form in Florida does not make you a Florida resident, but when combined with other clear attempts to establish important ties to the State of Florida, it can go a long way toward setting up your Florida residency.