Key Steps and Benefits to Becoming a Florida Resident

June 10, 2024

To establish Florida residency and benefit from the state’s favorable asset protection laws and lack of estate and individual state income tax, one must decisively move to Florida and sever ties with their previous state.

You need to demonstrate a clear intent to make Florida your permanent home by taking various actions like obtaining a Florida driver’s license and registering to vote in the State of Florida, and filing a Florida Declaration of Domicile.

No single action can establish residency on its own, but collectively, these actions build a compelling case for Florida residency.

Takeaways:

  • Documented Intent: Filing a Declaration of Domicile and changing your driver’s license and voter registration to Florida are critical steps to signal your intention to become a permanent resident.
  • Financial and Legal Updates: Open local bank and investment accounts, and update your will and estate plans to reflect your new Florida residency; this aligns with legal requirements and helps in the practical management of your finances.
  • Tangible Actions: Register and insure your vehicle in Florida, and relocate most of your personal possessions to your Florida home to reinforce your residency status.
  • Tax Considerations: File your final state income tax return in your former state using your new Florida address, and consistently use your Florida address for federal tax purposes. Applying for the Florida homestead exemption can further solidify your residency claim.
  • Severing Old Ties: Ensuring that your social and familial ties, such as club memberships and the location of minor children, are predominantly in Florida can help negate claims by your former state regarding your residency. This is crucial as some states may scrutinize these ties to challenge your residency status.

Each of these steps helps demonstrate a comprehensive commitment to Florida residency, aiding in the transition and helping to ensure you meet the requirements to enjoy the benefits of living in Florida.

For personalized guidance on managing your finances and estate planning throughout this transition, consider leveraging our guidance at Landsberg Bennett Private Wealth Management.

Check our wealth management services to discover how we can assist you in navigating the complexities of relocating to Florida and optimizing your financial strategies to take advantage of the state’s favorable laws. Whether you’re establishing residency or already a Florida resident, our team is here to support you in helping achieve your financial goals with confidence and clarity.

Request Information

Landsberg Bennett is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC (member FINRA and SIPC). Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC.

This is not an offer to buy or sell securities, nor should anything contained herein be construed as a recommendation or advice of any kind. Consult with an appropriately credentialed professional before making any financial, investment, tax or legal decision. No investment process is free of risk, and there is no guarantee that any investment process or investment opportunities will be profitable or suitable for all investors. Past performance is neither indicative nor a guarantee of future results. You cannot invest directly in an index.

These materials were created for informational purposes only; the opinions and positions stated are those of the author(s) and are not necessarily the official opinion or position of Hightower Advisors, LLC or its affiliates (“Hightower”). Any examples used are for illustrative purposes only and based on generic assumptions. All data or other information referenced is from sources believed to be reliable but not independently verified. Information provided is as of the date referenced and is subject to change without notice. Hightower assumes no liability for any action made or taken in reliance on or relating in any way to this information. Hightower makes no representations or warranties, express or implied, as to the accuracy or completeness of the information, for statements or errors or omissions, or results obtained from the use of this information. References to any person, organization, or the inclusion of external hyperlinks does not constitute endorsement (or guarantee of accuracy or safety) by Hightower of any such person, organization or linked website or the information, products or services contained therein.

Click here for definitions of and disclosures specific to commonly used terms.