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ESTATE TAXES PART 2- DOES MY STATE HAVE A STATE DEATH TAX? CAN I MOVE MY RESIDENCY TO FLORIDA?

ESTATE TAXES PART 2- WHICH STATES HAVE AN ESTATE STATE DEATH TAX?

At the time of this writing, there are 13 states with state estate taxes; Illinois, Maine, Maryland, Massachusetts, Minnesota, New York, Oregon, Rhode Island, Vermont, Connecticut, District of Columbia, Hawaii and Washington. My last three clients, from Illinois, New York, and Maryland redid their estate plans in compliance with Florida law and moved their residency to Florida to save on state death taxes and retire and enjoy our warm weather. 

IS ESTATE PLANNING IN MIAMI BEACH, FLORIDA ENOUGH TO PREVENT ESTATE STATE DEATH TAXES?

Estate planning in Miami Beach, Florida is not enough to prove residency. The lawful requirements must be met, which includes actually living in Florida for at least 6 months and 1 day or more. You must also have proof of residency; such as, a Florida driver’s license, be registered to vote in Florida, have signed Florida estate planning documents, and pay taxes in Florida. 

WHEN DOES TRYING TO MOVE MY RESIDENCY TO FLORIDA FAIL?

The residency plan fails if you are not really living here in Florida. For example, if you are a snowbird and have a home in Miami Beach, Florida and New York City. If you spend 7 months in New York and only 5 months in Miami Beach, Florida, and all of your finances and investments are in New York banks and institutions, New York state will likely go after your estate to pay state death taxes. 

WHAT OTHER BENEFITS DO I GET BY MOVING TO MIAMI BEACH, FLORIDA?

Other than avoiding paying state death taxes, you may receive homestead exemption status if you own real estate in Florida, live here, and offer proof to the county tax payers/appraisal office. To apply for homestead, you will need to visit in person, call them, or apply online at http://www.miamidade.gov/pa/exemptions.asp. Again, this request must be legitimate as the office checks to confirm your driver’s license and voter registration are both in Florida. Furthermore, you must prove that you receive mail at your homestead property by showing statements with your homestead address. 

WHY SHOULD I USE ALLY GLASER, P.A. TO MOVE MY RESIDECY TO FLORIDA?

At Ally Glaser, P.A., Ally Glaser has over 22 years of experience in dealing with probate cases in both Miami-Dade and Broward County and wills and trusts in Miami Beach, Florida. We handle these matters with the sensitivity and concern that the clients deserve and get the work done while also assisting in the moving of residency, if needed. I am happy to help and use my Psychology and Law degree to offer a special level of service. Call or email today to get started on moving your residency to Florida and creating or updating your wills and trusts.