Prepare for your future with your domicile planning lawyer in Lake Worth.
Even if a person may own many residences, their “domicile” is still recognized as their primary home. A person’s domicile is their fixed, permanent address. Why is your domicile so important? Where you live impacts your inheritance planning, taxes, citizenship, and voting rights. When you have a domicile in Florida, you can benefit from the state’s extensive Medicaid planning options as well as its exemptions from state income, estate, and inheritance taxes.
If you are considering moving to Florida or are a new resident, contact your domicile planning lawyer in Lake Worth. The committed staff at the Millman Law Group, led by Aaron Millman, Esq., CPA, is here to assist you in navigating the process and reaping the benefits of a Florida domicile.
How Are Residence and Domicile Different?
A domicile is a legal phrase that signifies that Florida is your permanent dwelling, but your residency relates to your actual presence within the state. Renting or owning property in Florida and residing there for a length of time is a common way to verify residency in the state. In Florida, “snowbirds” are residents by these standards.
However, those same people are recognized as legal residents of their native state. This implies that they pay taxes in that state and that the laws of that state will govern their estate upon their passing. If you instead establish a Florida domicile, you will pay Florida taxes, and Florida law will govern the disbursement of your estate after your death. Depending on your estate planning objectives, you may establish residence prior to declaring domicile in Florida.
How to Establish a Florida Domicile
Consult with your domicile planning lawyer in Lake Worth as soon as possible. At The Millman Law Group, we promise that no critical steps are missed and that all materials are supplied appropriately. The process of acquiring a Florida domicile is divided into two stages.
Stage One: The Bright Line Test
To be eligible for a domicile, you must reside in Florida for at least 183 days or in no other state for no more than 183 days. Your attorney can provide you with guidance on how to demonstrate that you have spent the required length of time living in the state.
Stage Two: The Subjective Test
Next, the state of Florida offers a multitude of choices for domicile establishment. The Millman Law Group website provides a comprehensive checklist that covers the following topics:
- Register vehicles in Florida
- Register to vote in Florida
- Submit a Declaration of Domicile in your county
- Update insurance policies with your Florida address
- Update deeds with Florida noted as your residence
- Change your estate planning documents to include Florida as your residence
Why Should You Establish Your Domicile in Lake Worth, FL?
What are the advantages of working with a domicile planning lawyer in Lake Worth? Establishing a Florida domicile may have a significant influence on your estate planning. In Florida, there is no state income tax, inheritance tax, estate tax, Social Security tax, or retirement income tax. There are also many potential property tax exemptions.
Another aspect of Florida law that allows you to safeguard your investments from creditors is its robust asset protection laws. There are also ladybird deeds in Florida, which are more flexible than standard life estate deeds.
Making Florida your permanent home is essential for optimizing your estate planning advantages in the Sunshine State.
Contact The Millman Law Group and Your Domicile Planning Lawyer in Lake Worth
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.