Florida's Estate Tax, Income Tax And Property Tax Advantages

Are You A “Real” Floridian? Second, if you own Welcome to Florida, p r o p e r t y, y o u s h o u l d folks. Soak up the sun. Skip file for your homestead the snow. And the good exemption. news doesn’t stop there: Other steps you can You can also capitalize on take to demonstrate to several tax advantages if your state of origin, and you can demonstrate that to Florida, that you are you are a “real” Floridian. indeed a Florida resident But be aware, demonstratinclude the following: ing that you are an authenJoseph S. Karp, 1. Get a Florida voters regtic Florida resident takes C.E.L.A. istration card. a good deal more than just 2. Obtain a Florida drivers license and hanging up your hat here during the car registration. “season.” 3. Make su r e y o u r mai li n g a nd Florida’s significant tax advantages permanent address is your Florida include a homestead exemption for address on all your bank and brokerproperty owners. Second, Florida age accounts. does not have an income tax, or an 4. If you own real property in anothestate tax. Compare this tax structure er state, request that the tax bill for to New Jersey and New York, both that out-of-state property be sent to of which impose income and estate your Florida address. taxes—and don’t even have the same 5. File a Florida “Affidavit of Domi$2 million estate tax exemption as the cile.” federal government. 6. If you are affiliated with civic or religious organizations, affiliate with Listen to Joe Karp with Florida organizations rather than just Anita Finley on Saturday, retaining your membership in out-ofJan. 10, 2009 from 7:30-8:00 AM state organizations. on WSBR 740AM and on the 7. If you have existing estate planning Internet at www.wsbrradio.com. documents, consult with a Florida attorney to have them modified to conBut let’s be realistic. New Jersey, form to Florida law. If you don’t have New York, no state with an income or documents, see a Florida lawyer who estate tax is going to let you off the will draft them for you. hook without a fight. Your home state Once you’ve established your is going to keep its eyes glued to your Florida residency, you’ll be able to pockets until you can prove beyond bask in sun and savings. a doubt that you are a true resident of Joseph S. Karp is a nationally certified Florida. Florida will want the same and Florida Bar-certified elder law attorney proof before it hands over a home(C.E.L.A.) specializing in the practice of Trusts, stead exemption. Estates and Elder Law. His offices are locatHow to make the case that you are ed at 2500 Quantum Lakes Drive, Boynton a Florida resident? First, you have to Beach; 2875 PGA Blvd., Palm Beach Gardens; and 1100 SW St. Lucie W. Blvd., Port do the time. You must reside here six St. Lucie. Call him at 561-752-4550 (Boynmonths, plus one day, of each year. ton); 561-625-1100 (Palm Beach Gardens); You don’t need to do it all in one or 772-343-8411 (Port St. Lucie). Toll-free stretch, but the amount of time you from anywhere: 800-893-9911. E-mail: KLF@ Karplaw.com. or website www.karplaw.com spend here must total that amount.

★

★

★

★