Call your domicile planning lawyer in Parkland to establish your Florida domicile.
An individual may possess many homes, but their “domicile” is still regarded as their principal place of residence. A person’s fixed, permanent address is their domicile. Why is your domicile so crucial? Your citizenship, voting rights, taxes, and estate planning are all influenced by where you live. If you choose to make Florida your permanent home, you may take advantage of the state’s generous Medicaid planning choices and its exemptions from state income, estate, and inheritance taxes. Contact your domicile planning attorney in Parkland if you wish to relocate to Florida or are a new resident. Aaron Millman, Esq., CPA, and the dedicated team of the Millman Law Group are here to guide you through the process and help you benefit from a Florida domicile.
The Differences Between a Residence and Domicile
Your residence refers to your physical presence in the state, whereas a domicile is a legal term indicating that your permanent residence is in Florida. One typical method to confirm Florida residence is to rent or own real estate in Florida and to dwell there for an extended period. This is how “snowbirds” reside in Florida.
However, such individuals are still regarded as official residents of their home state. This means they pay taxes in that state, and their estate will be handled under that state’s laws when they die. If you formally establish a Florida domicile, you will pay Florida taxes, and the distribution of your estate upon your death will follow Florida law. Before claiming domicile in Florida, you may establish residence, depending on your estate planning goals.
How You Can Establish Your Florida Domicile
As the first step, speak with your domicile planning attorney in Parkland, FL. At The Millman Law Group, we can guarantee that all materials are provided accurately and that no critical steps are overlooked. There are two phases involved in establishing a Florida domicile.
Phase One: The Bright Line Test
You must spend at least 183 days in Florida or no more than 183 days in another state to qualify for a domicile. You can get advice from your lawyer on how to prove that you have lived in the state for the necessary amount of time.
Phase Two: The Subjective Test
Next up is the Subjective Test. In Florida, you have many options for establishing your domicile. There is a thorough checklist available on the Millman Law Group website that addresses the following:
- Submit a Declaration of Domicile in your county
- Register to vote in Florida
- Change your estate planning documents to Florida and list your Florida residence
- Register vehicles in Florida
- Update deeds to name Florida as your residence
- Update insurance policies with your Florida address
What Are The Advantages of Establishing a Domicile in Parkland, FL?
What benefits come with hiring a domicile planning lawyer in Parkland? Your estate planning may be significantly impacted by establishing a Florida domicile. There are no state income, inheritance, or estate taxes in Florida, nor is there a tax on Social Security or retirement income. Additionally, there are several possible exemptions for property taxes.
Strong asset protection laws are another feature of Florida law that lets you shield your investments from creditors. Lady Bird deeds, which are more adaptable than conventional life estate deeds, are also available in Florida.
A prerequisite to maximizing your estate planning benefits in the Sunshine State is establishing Florida as your domicile.
Contact The Millman Law Group and Your Domicile Planning Lawyer in Parkland
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.