At a recent special session of the Northern Palm Beach Country Chamber of Commerce meeting I learned that New York fell behind Florida in economic growth in the private sector jobs. However, New York is constantly bombarding us with ads inviting businesses to move to New York. Florida does a poor job advertising its advantages, including the fact that you pay zero State income tax or State Estate Taxes as a Florida Resident.
My dog, Jack, and my wife, Gina, also had a tough decision between who eats the sweet potato French fries and the steak fries.
The number one question from new employees (and families moving to Florida is) how do you become a Florida Resident? There is a process and a procedure. Some of the Steps include the following:
- Gain a Florida Driver’s license
- Register your out-of-state car
- Register to Vote
- If you live in 2 or more states, file a “Declaration of Domicile” (we can help)
- File for Homestead (work with a real property attorney or visit Property Appraisers Office)
- Accept Employment (in Florida) unless you are retired
- Enroll your child(ren), if any, in a Florida school
- File your Federal Income taxes listing Florida as state of Residency
- Transfer All accounts and/ or memberships to Florida (we can help)
- Update and revise all Legal and Estate Planning documents, including Wills and Trusts that you are a Florida Resident (we can help)
Jesse Panuccio is originally from New Jersey, he now lives in Florida. There is a reason more people are coming to Florida. As a resident for over 23 years, I can tell you overall it is a good place to live.
Until next time,
Plan Today. Protect Tomorrow.