Consider this recent headline:
“Americans in 26 states are struggling with heat warnings and advisories as near triple-digit temperatures smother states from New York to California”.
So, Snowbirds, if it’s getting hot EVERYWHERE in the summer, maybe you ought to just stay put in Florida. From a legal point of view, consider these advantages of making Florida your home:
- Florida Homestead. You will receive a reduced property tax rate for your primary residence in Florida. Additionally, your homestead is pretty much bullet proof from creditor’s claims. And if you leave your home to a spouse, descendants or certain relatives, they will also receive the benefit of creditor protection on the home. Also, if you need long-term care and cannot afford it, the state of Florida does not require you to sell your home to pay for your care before you can be eligible for Medicaid.
- You had a taxable estate in your old home state: Florida does not have state Estate tax. If your assets are lower than $5.49 million you may not need a lot of tax planning. A Florida attorney can help you create a much simpler plan for after death.
If you do make the move, don’t forget to consult with a Florida Estate Planning attorney or Elder Law attorney. Your Power of Attorney and Will may not be valid in Florida.
Questions? The Law Office of Debra Simms is here to help. Call us today 386.256.4882
This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.