Florida Topics

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.

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