Category Archives: Florida Residency

Benefits of Moving to Florida From a high-tax State

I recently stumbled across an article that articulates the basic thesis of The Florida Domicile Handbook; and this article touches base on many of the things that are explained in-depth in The Florida Domicile Handbook.

Some of these advantages include:
• No Income tax
• An Array of Asset Protection
• Healthy Real Estate Market
• Homestead Exemption
• No State Estate Tax

One of the key takeaways from this article and the book is that the process of declaring domicile in Florida can make your life more enjoyable all across the board. The weather provides year-round access to the outdoors and endless opportunity for recreation, the vibrant wildlife and beautiful scenery can be found no where else in the world and the tax codes help keep a little more money in your pocket. Click here to read the article, and pick up your copy of The Florida Domicile Handbook for a step by step guide of your move to paradise.

 

Wheaton Wealth Partners Establishes a Year Round Office in Naples, FL

Free Book with Consult

Free Book with Consult

After five years of maintaining a seasonal office in Southwest Florida, we are excited to announce a full time Wheaton Wealth Partners office in Naples. Our partner, Rob O’Dell, and his family have made the decision to relocate to Florida.

Rob has contributed to the third edition of The Florida Domicile Handbook: Vital Information for New Florida Residents. If you are considering Florida residency, schedule a complimentary InsightMap Preview Meeting. As a thank you, we will provide you with a free copy of The Florida Domicile Handbook www.wheatonwealth.com.

Lovebug Season

The saying goes “April showers bring May flowers” however in Florida, April showers bring May lovebug season. Lovebug season occurs twice a year, May and September, and lasts about four weeks. This is when the bugs mate and can be seen attached to one another. Take a stroll through a Florida park on a hot sunny day between the hours of 10am and 6pm and you will most likely be greeted by these harmless creatures.

Purchase a copy of The Florida Domicile Handbook, 3rd Edition to learn more interesting facts about Florida and why relocating to Florida is the right choice for you!

Split Domicile

I was asked by Naples Daily News to discuss split domicile today and I wanted to share my thoughts with you all…

EMKatNDNSome prospective Florida residents feel that splitting domicile between themselves and a spouse will allow them to have the best of both worlds. While there are circumstances that could call for splitting domicile, it is generally not advisable. Most people who would like to split domicile are interested in doing so in order to claim a homestead exemption in both states. However, Florida will not allow you to retain your Florida homestead exemption if your spouse is claiming a homestead exemption in another state.
Furthermore, a split domicile raises other important issues. For example, some states require a married couple to file a joint state income tax return if the couple files a joint federal income tax return. In addition, depending on your timing, a split domicile may limit the amount of your total federal capital gain exclusion (from $500,000 to $250,000) for the sale of a principal residence after one spouse changes his or her domicile.
If the reason for considering a split domicile is because you and your spouse spend substantial portions of the year apart and obtaining two property tax homestead exemptions is not a motivating factor, be sure to consult with a Florida attorney and carefully consider the potential advantages and disadvantages.

 

Book Guides New Florida Residents to Domicile Status

Why do over 1,000 people move to Florida each day? FDH3coverFlorida domicile expert and author of The Florida Domicile Handbook: Vital Information for New Florida Residents, 3rd Edition E. Michael Kilbourn says it’s because the Sunshine State doesn’t burden its residents with mountains of confiscatory taxes. In the third edition of this popular book, published by Brendan Kelly Publishing (January 2015), Kilbourn and co-author Brad Galbraith, CPA, Esq., discuss the steps and activity new residents can take to prove Florida domicile intent and build a strong case in anticipation of possibly being pursued for taxes by their former state of residence.

“Now that the recession is behind us and the housing market is on the mend, we’re seeing a resurgence in migration to Florida again,” said Kilbourn, who also wrote Disinherit the IRS: Don’t Die Until You’ve Read this Book (Brendan Kelly Publishing 2014). Kilbourn spends the winter months giving free public seminars about the benefits of Florida domicile with Galbraith and other members of the Wealth Protection Network™. “Many part-time Florida residents have read or heard about Florida domicile, but are not sure if it applies to them or not. This book helps people decide whether Florida domicile is to their benefit and then provides the most current resources to get the process done as efficiently as possible.”

Updated for 2015, the book includes new information for Florida businesses, new resources for Florida students, and retirement planning strategies for the newly domiciled. The 250+-page guide also includes updated Florida facts, demographic data, geographic points of interest, web links and sample forms.

After contributing or authoring several books on financial planning including Giving—Philanthropy for Everyone (Quantum Press 2002) and 21st Century Wealth: Essential Financial Planning Principles (Quantum Press 2000), Kilbourn published the first edition of The Florida Domicile Handbook in 2009. A second and longer edition followed in 2011, and the new third is the most complete of all three. Essentially, the book is a comprehensive collection of facts and information on how to live comfortably and thrive financially in the great sunshine state. The book is available at www.brendankellypublishing.com, www.floridadomicilehandbook.com, www.Amazon.com, and will be available through major booksellers across the country in the coming months.

“Making Florida your legal domicile can have a significantly positive impact on your financial future,” states Kilbourn. “A perfect example of how Florida rewards its residents can be found in its constitution, wherein it prevents imposing a state income and state estate tax. This allows domiciled residents to save more for retirement, give more to charity, and invest in ideas that grow their savings.” Kilbourn guides high net-worth families through the maze of estate planning and said, “The book covers topics that new and potential residents need to know such as Florida taxes, domicile, estate planning, home purchase, healthcare and insurance.”

Mr. Kilbourn is the president of Kilbourn Associates and has over 40 years of experience in the financial services industry. Mr. Kilbourn is an experienced author, former college instructor, and a leading national authority on estate tax matters. Co-author Brad A. Galbraith is a partner at Hahn, Loeser & Parks, LLC. Mr. Galbraith is board certified in Wills, Trusts and Estates by the Florida Bar Association and was named a Florida Super Lawyer. The Florida Domicile Handbook, 3rd Edition is $19.95 + tax and shipping. Discover more at www.floridadomicilehandbook.com.

Living your Second Life in a Florida Home

Looking forward to retirement? Maybe you’re a seasonal visitor or like me, spend the summer up north. If you haven’t decided on where to retire, let me tell you why Florida should be your choice.

First of all, buying a house in Florida is extremely affordable right now. A friend recently told me that his realtor found a home in foreclosure that they bought for $250,000. It was valued at $1.2 million just four years ago! Donald Trump bought a Palm Beach estate for $41 million and put it up for sale at $125 million. You can find out how to leverage a relationship with a realtor in my book, The Florida Domicile Handbook. Plus, I explain your options with financing and homeowner’s insurance.

Florida’s homestead asset protection laws are great for retirees who are planning to declare Florida as their domicile. I give more detailed information on homestead and tax exemptions in the Florida Domicile Handbook.

Take for example the elderly mother who wants to give her home to her children upon passing. She put her home in a QPRT (Qualified Personal Residence Trust), thereby lowering the gift and estate taxes. Now, she still gets to live in that same house until she dies, paying only a minimum rent and with the real estate value of her home going up.

Another reason why Florida offers the best active senior lifestyle is the health care choices. In addition to world class facilities like the Cleveland Clinic and Mayo Clinic, Florida has many top rated hospitals and assisted living facilities. This is not to say that Florida specializes in senior care only. Medical facilities and health care providers in the state are known for medical advancements in cancer care and pharmacology among other fields.

Florida does give retirees the second (and, in all probability, the best) life that they have always wanted. In Chapter 11 of my book, you can read about all the comprehensive healthcare options available to seniors.

The Florida Domicile Handbook will also give you a step-by-step guide on how to establish a Florida domicile with a few helpful Q & A’s about changing homesteads to guide you through a smooth transition.

Best Retirement Spot

In her article, “5 Ways to Pick a Great Place to Retire,” author Emily Brandon lists main items to consider when looking for a place to retire. It must have – good medical facilities, lower taxes, affordable cost-of-living, convenient transportation and low-cost homes. She must have had Florida on HER mind.

Florida has numerous retirement communities, each with their own medical facilities. Because of the influx of retirees that head for better weather during the autumn of their lives, Florida has made the necessary accommodations. And these are not your “nursing-home type” facilities either. Each community focuses on care and social events.

There are also assisted living retirement communities perfect for senior retirees who require help in daily tasks such as shopping or keeping the lawn trimmed. Or communities for those that require medical care but not hospitalization. In a nutshell, these communities put a premium on the quality of life of its occupants.

Cost of living, including housing, utilities, food, transportation and taxes, is average in Florida compared to other retiree-desirable options. Being a tourist destination may have an effect on this. Nevertheless, living expenses are relative to lifestyle choices and personal choices.

Florida’s tax climate is ideal not only for businesses but for retirees as well. Aside from enjoying no income tax, there is no inheritance tax and no separate state estate tax.

Lastly, Florida has the best weather and superb attractions – both in natural resources and tourist destinations. The tropical Floridian weather is good for retirees and is usually the number one consideration on the “retirement requirements” list.

Florida is the retirement spot of the United States, sometimes involuntarily when retirees just seem to gravitate towards a certain community. And along with the natural factors, we have embraced this calling and fashioned lifestyles for those who want to spend their “vacation years” here.

For an in depth look at the benefits of retiring to Florida, get a copy of the Florida Domicile Handbook. It will help you make an enlightened decision on your retirement place.

Golden Award

I don’t think that I have ever written about the diverse food choices that can be found in Florida. Diversity can only come naturally in a place that sees many different cultures. And Florida can provide a plethora of dining experiences for every discriminating taste bud. From the exotic to the cultured, Florida is glittered with fabulous restaurants.

The Golden Spoon Award is Florida’s very own award of where to get the best dining experience in town. It is a reliable source of where and what in the world in relation to Florida dining. It’s basically a guide for the unfamiliar traveller or the adventurous resident on where to eat for breakfast, lunch or dinner.

The Golden Spoon Award is given out by the Florida Trend, a monthly magazine and website that relates the defining factors of Florida business. Their latest awardee is The Forge in Miami Beach owned by Shareef Malnik. Dubbed as an eclectic restaurant, it attracts the big time spenders and the regular people alike. From checking your Facebook by a table near the fire to clinking wine glasses of Bordeaux with a five-course meal, this place gives dining a reinvented experience.

There have been more than 60 restaurants that have been awarded the Golden Spoon. They all serve different kinds of food – from Italian, Contemporary, Mediterranean, New Continental, Modern French, Asian, Seafood, Carribean Fusion, Classic American, Coastal, French and various fusions in between. And these restaurants come from everywhere – from Boca Raton to Winter Park. Miami and Miami Beach taking the limelight with 5 Golden Spoon Restaurants in the area. Just looking at the list, you will see the colorful people that dine, drink and celebrate their lives in Florida.

The Golden Spoon also has Hall of Fame list for restaurants that have stood the test of time and have maintained their Golden Spoon Awardee status. Their Best New Restaurants and Golden Brands list – the best restaurant chains in Florida – are also interesting and helpful guides for those looking to taste the finest that Florida has to offer.

To get to know more about Florida’s amazing culture, people and places, check out my book, the Florida Domicile Handbook to get a real glimpse into Florida living.