Another Reason to Become a Florida Resident
I have written several blogs in the past on the benefits of being a Florida resident (see my blogs on February 12, 2010). However, the Florida legislature has added yet another. On February 22nd the House and on February 26th the Senate introduced companion bills that, if passed, would introduce an estate tax in Florida for non-residents. The Senate's version cites the bill as the Florida Taxpayers Protection Act. If passed, the bill will go into effect on July 1, 2010.
The bill states that a non-resident, who owns property in the state of Florida and whose state of domicile has an estate tax, will be subject to a separate Florida estate tax on the assets owned in Florida. This means that those of you who are snowbirds who have a secondary home down in Florida, will be subject to an estate tax here in Florida if your home state has their own estate tax. There are currently sixteen states have their own separate estate tax. Now may be a good time to think about becoming a Florida resident.
If you spend your winter months in Florida but claim another state as your residence, you may be much better off by making Florida your state of residence. To consult with an attorney in regards to whether or not you should make Florida your residence, please consult with an estate planning attorney to discuss whether or not to become a Florida resident.
