Remember these tips when establishing a Florida domicile.
Florida’s population is expected to keep growing in the next few years, which means there will be more Florida residents. But this also means more people will choose to make Florida their domicile. While all you need to be a “resident” is a Florida address, establishing a Florida domicile is a little more demanding and is best done with the help of a domicile planning lawyer. At The Millman Law Group, we understand the Florida domicile requirements and how this domicile will help you estate plan and prepare for your family’s future. Before starting the process, consider the essential factors in establishing your Florida domicile.
Why Should You Establish a Florida Domicile?
Establishing a domicile, not just residence, in the state can be beneficial, especially if you have assets you wish to protect. For example, Florida has a provision in its constitution allowing people to designate their primary residence as a homestead. This, in turn, protects it from judgment creditors. If you specify your Florida residence as a homestead, it cannot be taken from you.
Can You Have More Than One Domicile?
No. Unlike residences, you can only have one legal domicile. Unlike many other states, Florida does not have a residence requirement before you make the state your domicile. There are, however, a few requirements you should meet.
How Do You Start to Establish a Domicile?
There are two parts involved in establishing a Florida domicile. First, establish a physical presence, which you can do with a lease or a deed to a new home. Next, a declaration of domicile must demonstrate that you have effectively severed ties to your former home. For example, trying to claim a Florida domicile while maintaining vehicle registration in the state you used to live will not be permitted.
Establishing a Florida Domicile
You can take several steps to underline your intent to establish a domicile in Florida. One is filing a Declaration of Domicile, a simple statement made at the Clerk of the Court in your county. Next, transferring vehicles and voter registration is essential. Other recommendations include moving your bank accounts to Florida, finding Florida doctors and other care professionals, and filing federal taxes listing Florida as your address. You can view our full checklist of items that help establish your Florida domicile here: Florida Domicile Checklist.
A Few Advantages of Florida Domicile
Establishing a Florida domicile can be beneficial if you are growing older and want to start estate planning. Considering Florida’s homestead exemption, exemption for the value of life insurance policies, and the lack of state income tax, probate can be more streamlined than it may be in other states. The sooner you start the domicile process, the sooner you can benefit from its advantages.
Contact your domicile planning lawyer at The Millman Law Group today to discuss what you need to establish your new Florida domicile.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.