Plan for your future in Florida with your domicile planning lawyer in Hillsboro Beach.
An individual’s primary home is regarded as their “domicile,” even if they possess many residences. A person’s permanent, fixed address is their domicile. Why is where you live such a big deal? Your citizenship, voting rights, taxes, and inheritance planning are all impacted by your domicile. If you establish a Florida domicile, you may take advantage of the state’s generous Medicaid planning choices as well as its exemptions from income, estate, and inheritance taxes.
If you now live in Florida or are contemplating moving there, speak with your domicile planning lawyer in Hillsboro Beach. Aaron Millman, Esq., CPA, leads a dedicated team at the Millman Law Group and is here to help you every step of the way as you establish your home in Florida.
The Differences Between Your Residence and Domicile
Whereas domicile refers to your official legal permanent address in Florida, residency refers to your physical presence there. One frequent technique to prove residence in Florida is to be a long-term resident through real estate ownership or renting. According to these standards, “snowbirds” are people who live in Florida.
Nonetheless, those same individuals are acknowledged as legitimate residents of a different state. This suggests that they pay taxes in that state and that the state’s laws will govern their estate upon their death. If you choose Florida as your permanent home, you will be subject to Florida taxes, and Florida law will control how your estate is divided upon your passing. Before claiming domicile in Florida, you may establish residence if it is consistent with your estate planning goals.
The Process for Establishing Florida Domicile
Speak with your domicile planning lawyer in Hillsboro Beach as soon as you can. We at The Millman Law Group will walk you through each stage of the procedure and make sure nothing important is overlooked. There are two steps involved in claiming Florida domicile.
The Bright Line Test
You must live in Florida for 183 days or no other state for more than 183 days to be eligible for a domicile. Your lawyer may go over how to prove that you have lived in the state for the necessary amount of time.
The Subjective Test
Next, you can establish your Florida domicile through multiple methods. The following actions are included in the thorough checklist available on the Millman Law Group website:
- Register vehicles in Florida
- Change estate planning documents to list Florida as your home
- Update deeds with Florida as your residence
- Update insurance policies with your Florida address
- Submit a Declaration of Domicile in your county
Why You Should Establish Your Domicile in Hillsboro Beach, FL
What benefits can you expect to enjoy when you work with your domicile planning lawyer in Hillsboro Beach? Deciding to establish a Florida domicile may significantly impact your estate planning. Income taxes, inheritance taxes, estate taxes, Social Security taxes, and retirement income taxes are all exempt in Florida. There are yet more possible ways to avoid paying property taxes.
Strong asset protection laws are another feature of Florida law that helps you secure your investments from creditors. In Florida, ladybird deeds are an alternative to typical life estate deeds and offer greater flexibility.
Reap the rewards of Florida estate planning by relocating to Hillsboro Beach and working with your Millman Law Group attorney.
Contact The Millman Law Group and Your Domicile Planning Lawyer in Hillsboro 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.