Bison Wealth | Insights

Florida Day - Bison Wealth

Written by Megan Delaney | Jan 19, 2024
 

If you decide to establish permanent residence in Florida, here are some important items to note in order to do so:

  • Be present! You must live in Florida for at least 183 days of the calendar year.  It is your burden to prove you were in the state, so make sure to keep track of your records in this area.
  • Rent or own a home in Florida.
  • File a change of address to your new Florida home with the United States Postal Service. Also change the address on your passport.
  • File a Declaration of Domicile especially if you are a snowbird! Florida Statute §222.17 states that a person can show intent to maintain a Florida residence as a permanent home by filing a sworn Declaration of Domicile with the Clerk of the Courts in the county in which you live.
  • File for a homestead exemption for any Florida based property. Florida has wonderful asset protection laws with regard to your home and they begin with the homestead exemption. 
  • Get a Florida Driver’s License or State ID card. You will need two documents with your new Florida address on it along with other identifying information like proof of Social Security and a Primary Identification source. 
  • Register and Insure your Car in the State of Florida.
  • Register to vote in Florida and then GO VOTE!!
  • File your “Final Tax Return” in your previous state and file your new tax return in Florida.
  • Update your Estate Planning Documents to comply with Florida State Law. Consider establishing trusts.  While there is no estate tax in Florida, probate can be quite expensive and time exhaustive. Also, a personal representative of an estate can be a licensed trust company, a Florida Resident, or a nonresident relative of the decedent.  The same limitations do not apply to a trustee.  For this reason, a “pour-over” will with a trust setup to receive the estate assets can really ease the administration and distribution of assets after death without court oversight.    
  • Start “Living” in Florida:
    • Get a job in Florida- update any professional certifications and licenses to your new address and make sure you are properly registered in the state.
    • Use Florida Doctors, Lawyers, CPAs, and other professionals.
    • Join Florida Social Groups, Gyms, Religious Institutions, etc.
    • Enroll your children in Florida Schools
 

If you want more information or have any questions for us about establishing Florida Residency, your Financial Advisor can help you with your transition.  Please reach out to us at Bison Wealth, where we can help you Plan, Protect, and Prosper!

Florida Day PDF

Disclosures
Important Information

Investment Advisory services are provided through Bison Wealth, LLC located at 3550 Lenox Road NE Suite 2550 Atlanta, GA 30361. Securities are offered through Metric Financial, LLC. located at 725 Ponce de Leon Ave. NE Atlanta, GA 30306, member FINRA and SIPC. Bison Wealth is not affiliated with Metric Financial, LLC., More information about the firm and its fees can be found in its Form ADV Part 2, which is available upon request by calling 404-841-2224. Bison Wealth is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. Bison Wealth does not offer tax or legal advice. Bison Wealth, LLC. does not provide tax or legal advice. The opinions and views expressed here are for informational purposes only. Please consult with your tax and/or legal advisor for such guidance.

The statements contained herein are based upon the opinions of Bison Wealth, LLC (Bison) and the data available at the time of publication and are subject to change at any time without notice. This communication does not constitute investment advice and is for informational purposes only, is not intended to meet the objectives or suitability requirements of any specific individual or account, and does not provide a guarantee that the investment objective of any model will be met. An investor should assess his/ her own investment needs based on his/her own financial circumstances and investment objectives. Neither the information nor any opinions expressed herein should be construed as a solicitation or a recommendation by Bison or its affiliates to buy or sell any securities or investments or hire any specific manager. Bison prepared this update utilizing information from a variety of sources that it believes to be reliable. It is important to remember that there are risks inherent in any investment and that there is no assurance that any investment, asset class, style or index will provide positive performance over time. Diversification and strategic asset allocation do not guarantee a profit or protect against a loss in a declining markets. Past performance is not a guarantee of future results. All investments are subject to risk, including the loss of principal.

Index definitions: “U.S. Large Cap” represented by the S&P 500 Index. “U.S. Small Cap” represented by the S&P 600 Index. “International” represented by the MSCI Europe, Australasia, Far East (EAFE) Net Return Index. “Emerging” represented by the MSCI Emerging Markets Net Return Index. “U.S. Aggregate” represented by the Bloomberg U.S. Aggregate Bond Index. “Treasuries” represented by the Bloomberg U.S. Treasury Bond Index. “Short Term Bond” represented by the Bloomberg 1-5 year gov/credit Index. “U.S. High Yield” represented by the Bloomberg U.S. Corporate High Yield Index. “Real Estate” represented by the Dow Jones REIT Index. “Gold” represented by the LBMA Gold Price Index. “Bitcoin” represented by the Bitcoin Galaxy Index
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