Leave it to our friends over at Goldman Sachs to create a 20 point check list of suggestions to ensure that you don’t run afoul with the local taxman when you flee New York, Connecticut or California for the more friendly climes here in Florida.
The Florida domicile checklist originates from the GS private wealth management team. They assist clients in areas such as tax modeling and trust and estate planning, as well as traditional investment management. The list isn’t comprehensive, but it is a great starting point when having these discussions as it usually has several layers people may not have considered yet. They are finding that the “other” state – in many cases NY – for most of these clients is in general getting more aggressive about tax collection, so the process of proving domicile has become more burdensome.
Some of the information is common sense such as filing for Florida homestead exemption, but who would have thought to license your pets in Florida?
If you or a family member, colleague or friend are planning to make Florida home, please contact us to learn more.
Responses