Along with Florida’s many aesthetic and geographic benefits lies the monetary value in establishing Florida as your legal place of residence. Each year, more and more individuals consider making the Sunshine State their primary home; a testament to the quality of perks available under state regulations. Two of the main benefits available to those in possession of a Florida home revolve around taxes and asset protection. View this in-depth document in order to better understand the specific regulations and benefits of making Florida your primary domicile.
For a person who spends time both in Florida and in a different state, it is recommended that the regulations of each one be compared in order to determine which jurisdiction offers the greatest benefits. Additionally, someone who recently changed or is planning to switch his domicile from one jurisdiction to another should explore the process for doing so as soon as possible. People who may be going through a situation such as this are non-US citizens moving to Florida, individuals retiring to Florida, and professionals relocating to Florida.
How to legally establish a new domicile
By law, an individual may only have one legal primary place of residence, and it will be the judge’s discretion to determine which location represents his primary one, should the issue be brought to court. There are also many steps that a person can take in order to give himself the greatest chance of proving Florida as his primary home. All of these steps are important, as there is no single factor in itself that can determine a domicile as primary. In previous cases, the two main factors that Florida courts have deemed essential are (1) an individual’s physical presence in the state, and (2) the intention of an individual to make the state his permanent residence for an indefinite amount of time.
If you’re considering making Florida your primary domicile, it is important to consult a local expert and learn more about the Sunshine State lifestyle. Does South Florida interest you? If so, Jack Elkins would love to meet and provide insight on the benefits of living in the Palm Beach area. Jack also works with a number of reputable banking institutions and lawyers to help make this transition as smooth as possible and walks alongside every step of the way. To further explore Palm Beach luxury real estate, schedule an appointment with the Jack Elkins team today.