Benefits of Florida Residency
There are many benefits to being a Florida resident. It is advisable to become a Florida resident as soon as possible after moving to Florida. Besides the wonderful weather, relaxed lifestyle and affordable housing, the following list highlights many financial benefits of Florida residency.
- Florida has no State income tax.
- Florida’s Estate tax is based solely on the Federal Estate tax and does not take effect unless a Federal Estate tax is paid. Further, even if a Florida Estate tax is levied, the amount paid becomes a credit against the Federal tax.
- Florida gives its residents a $25,000 exemption from the value of any real property used as the homestead. There are also widows’ and veterans’ exemptions.
- Banking accounts and safe deposit boxes are not closed or “frozen”, at the death of an owner.
Establishing Florida Residency
It is very easy to become a Florida resident. All you have to do is any one or all of the following:
- Register to vote.
- Obtain a Florida Driver’s license.
- Name Florida as your residence on your Income Tax form, and file the form in the I.R.S. Division for this area.
- File an affidavit of Domicile with the Clerk of the Circuit Court.
In essence, all that is necessary to become a resident of Florida is for you to intend to be one. All of the above, are no more than proof of your intention.