5. No Income Tax Planning for Retirement Plans. By coordinating your estate plan with your financial plan, you can minimize the income tax impact of retirement assets.

4. No Business Planning. Only a fraction of family businesses survive from one generation to the next. Proper business succession planning as a part of your estate plan is essential, especially if the business interest is one of your family’s largest assets.

3. No Asset Protection Planning for Beneficiaries. This is often overlooked. Even after your death, you can protect your assets from your beneficiaries’ creditors and, in the event of divorce, from ex-spouses.

2. No Coordination of Estate Plans. Infrequently considered, to protect yourself and your descendants fully, your estate plan should be coordinated with the estate plan of your relatives from whom you expect to inherit assets.

1. No Communication. It is our experience at Morris Law Group that clients find the estate planning and wealth preservation process more positive when families practice open and honest communication. Diligent planning, together with good communication, eliminates the probability of surprises at death. Knowing exactly what to expect when someone close passes away helps put everyone at ease during an otherwise difficult time.

We always appreciate referrals from our satisfied clients and business partners to friends, family members or business contacts. We welcome the opportunity to serve the people you care about. Click on the blue Forward Email at the bottom of the page to send this newsletter to someone who will benefit from our insights.

Question
Dear Ms. Dickinson,

My wife and I, who now live in New York, recently purchased a home in Palm Beach County to be our primary residence. What steps should we take to establish our residency in Florida?

Sincerely,
Making the Move

Answer
Dear Making the Move:

The Sunshine State is unique in that it does not impose an income tax or an estate tax. Establishing your legal residency in Florida in order to avoid paying income taxes and estate taxes to the state you previously called home could save you thousands of dollars. But in order to do it right, you must do it thoroughly. The state you have left may choose to question your residency at some point in an effort to collect more revenue from you. The more you do now, the easier it will be to answer any such inquiry. A few of my suggestions follow, however, you should call me for a more in-depth discussion of this important topic.

1. Register to vote in Florida.
2. Record a Declaration of Domicile in Palm Beach County.
3. File for the Florida Homestead Exemption in Palm Beach County.
4. Update your estate planning documents to recite your Florida residency and to comply with Florida law.
5. File your Federal income tax returns and quarterly estimates as a Florida resident and stop filing those items as a New York resident.
6. Register and license your vehicles in Florida and obtain a Florida driver license.
7. Change your mailing address to Florida for all account statements, magazine subscriptions and other correspondence.
8. Maintain your bank/brokerage accounts and safe deposit box in Florida.
9. Join and be active in organizations in Florida, including a place of worship.
10. Be sure not to lease your Florida residence to others.

If you have questions about any of these steps or you need legal help updating your documents, please email us at Info@Law-Morris.com.

Best Regards,

Tasha Dickinson, Esq.

We'd love to hear from you. Click the green link below to submit comments or a question for an upcoming issue of Wealth Preservation Update.