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Where to Retire: Chico, California |
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Where to Retire: Hendersonville, North Carolina |
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To Have a Residence in Florida, That is the Question |
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Active Seniors Guide to Adult Retirement Communities in Arizona |
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Where to Retire: Hot Springs, Arkansas |
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Where to Retire: Lexington, Virginia |
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Digital Survival from Electronic Crimes |
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Where to Retire: Madison, Wisconsin |
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Where to Retire: Medford Ashland, Oregon |
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Where to Retire: Olympia, Washington |
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Where to Retire: Oxford, Mississippi |
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To Have a Residence in Florida, That is the Question
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By Maria Norton
Choosing to own a residence in Florida is much different than choosing to be a resident of Florida. The latter requires that one declare “domicile” in Florida. When declaring domicile, you’re stating officially that you wish to make Florida your permanent home.
Why does it matter? More and more, people are discovering that declaring domicile in Florida has many different benefits. For instance, Florida is an extremely tax-friendly state. It’s one of just a few states in the country with no state income tax, which could save the average tax payer some 10 percent of his or her annual salary each year.
Florida Homestead Matters
Homestead has always been an important concept under Florida law. Once you are a domiciliary and have purchased a home that is your primary residence, keep in mind that there are three main types of homestead benefits available to you.
a. Estate Issues: The first type of homestead law affects who your residence can pass to when you pass away. A married person with minor children must pass the homestead property to the surviving spouse and children. A married person with a surviving spouse must pass the home to the surviving spouse.
b. Creditor Protection: Homestead property is not generally subject to the claims of creditors in Florida. Therefore, if your property qualifies as homestead property and you are found negligent in an automobile accident, for example, your home cannot be taken away from you. However, homestead property is subject to creditors that have a connection to such property, such as workmen that performed work on the property, mortgage lenders to whom you owe money for the property and property taxes.
c. Tax benefits. The first $50,000 in value of your home is not subject to real estate ad valorem tax, and your property tax increases are limited to 3 percent per year, which we’ll discuss in the next chapter.
Sounds great, right? You haven’t seen anything yet. Get the entire story about having a residence in Florida in A Guide to Establishing Florida Residency @ www.florida-retirement.net.
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