Settle into your new home with help from your domicile planning lawyer in Highland Beach.
A person may have many residences, but their “domicile” remains their principal home. A person’s permanent, fixed address is their domicile. Why is the place you live so important? Your citizenship, voting rights, taxes, and estate planning are all impacted by where you reside. If you declare your domicile in Florida, you may take advantage of Florida’s generous Medicaid planning choices and its exemptions from income, estate, and inheritance taxes.
Speak with your domicile planning lawyer in Highland Beach if you are considering relocating to Florida or are already a resident. Led by Aaron Millman, Esq., CPA, the dedicated team at the Millman Law Group is here to help you through the process and enjoy the advantages of having a Florida domicile.
What Distinguishes a Domicile From a Residence?
A domicile is a legal term designating your permanent home in Florida, whereas residency refers to your physical presence in the state. One typical method of confirming residence in Florida is to rent or own real estate and have lived there for an extended period. By these criteria, “snowbirds” are residents of Florida.
Those same individuals are acknowledged as legitimate residents of their home state, nevertheless. This suggests that they pay taxes in that state and that their estate will be governed by their laws when they die. If you choose to make Florida your permanent home instead, you will be subject to Florida taxes, and Florida law will control how your estate is distributed upon your passing. Before claiming domicile in Florida, you may establish residence if it suits your estate planning goals.
Establishing Florida Domicile
Speak with your domicile planning lawyer in Highland Beach as soon as you can. At The Millman Law Group, we guarantee that all necessary materials are provided and no critical processes are overlooked. There are two steps involved in declaring your domicile in Florida.
Step One: The Bright Line Test
You must live in Florida for at least 183 days or in no other state for no more than 183 days in order to be eligible for a domicile. You can get advice from your lawyer on proving that you have lived in the state for the necessary amount of time.
Step Two: Subjective Test
Next, there are additional options available in the state of Florida for establishing a domicile. The following subjects are covered in the extensive checklist available on the Millman Law Group website:
- Submit a Declaration of Domicile in your county
- Update deeds with Florida noted as your residence
- Register vehicles in Florida
- Update insurance policies with your Florida address
- Change estate planning documents to include Florida as your residence
The Advantages of Establishing Domicile in Highland Beach, FL
What benefits come with hiring a domicile planning lawyer in Highland Beach? Your estate planning may be significantly impacted by choosing to establish a Florida domicile. There are no income taxes, inheritance taxes, estate taxes, Social Security taxes, or retirement income taxes in the state of Florida. There are other possible exemptions from property taxes as well.
Strong asset protection laws are another feature of Florida law that lets you secure your investments from creditors. In Florida, ladybird deeds are an alternative to regular life estate deeds and offer additional flexibility.
To fully take advantage of Florida’s estate planning benefits, you must make the Sunshine State your permanent home.
Contact The Millman Law Group and Your Domicile Planning Lawyer in Highland Beach
Millman Law Group, PLLC is one of the only law firms that offers life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team specializes in special needs trusts and catering to any age demographic because we know that it’s never too early to start preparing for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, LinkedIn, and Pinterest. You can also contact us at 561-463-6480.