Florida residency
 

Can someone explain pros/ cons of changing residency from ny to Florida? We have homes in both and will continue that for at least a few years.

The biggest advantages are no state income tax, and the Homestead exemption on your property tax.. You also get a discount on Disney World tickets. The biggest disadvantage may be a higher cost for auto insurance.

i agree with everything except maybe auto insurance.
If you bundle everything you may be ok if your claim and driving record is ok. Try State Farm on 301 office by 44 Nathan Thomas 352-748-5272 Debbie the owner my is a peach

There are rules to defining your residency which have been discussed on this website, sometimes accurately, sometimes not, many times. The piece of mis-information most common here is that if you are a Florida resident you will not owe NY income taxes. False. You will still owe NY taxes on income earned in NY. However income earned not specifically in NY will become not NY taxable.

To claim Florida residency, you must live in Florida a minimum of 6 months and one day...

And, keep all the stuff that's "near and dear" to you at your Florida residence. Family photos, awards, stamp collections, etc. If they do an audit on you, they would use stuff like this to show that you are still a "NY resident" despite the fact that you spend 6+ months in Florida. And get a Florida doctor and dentist down here, along with a bank that has Florida branches and a safe deposit box. NY and other states are desperate for tax dollars and don't want to lose you. Be prepared in case they challenge you.

New here also and I could be mistaken but I thought Florida residency just required wearing short pants more than 6 months of the year.

OP, you may want to discuss this with your financial advisor as well as an elder care lawyer, your health insurance provider, etc. There are a LOT of things to consider. We avoided all of this by cutting the cord and moving permanently.

Everything that was pointed out about the benefits of Florida Residency is true.

The feeling of not being a New Jerseyian Officially is very freeing. What is happening there tax-wise is still affecting me because it is hurting all of our children.

Being a Floridian is the best except for the peak of Hurricane Season. The only drawback. But NJ just had a Tornado several days back, go figure.

I love the Homestead Exemption the most and the Property Taxes as far as Florida VS. New Jersey.

I always speak of N.J. roughly but it had many good points also. The Turnpike is not what the entire state is all about.

Florida is way better. It's a Florida state of mind.

It's always difficult to move if it has not been your life. Relocation for work makes it easier but the memories, long term friends, family will always remain with you. We came here five years ago, permanently, kids were upset..."what about the grand kids". The grand kids were "really, Florida, Disney, no snow, can we come down". The kids got over it and visit often. The grand kids out grew us and have their own friends and life but are here several times a year. Our friends from PA also show up (sometimes too often). Don't build false walls to prevent your life from moving forward.

The one feeling that is sooo good was removing the NJ auto inspection from our windshields, --its a sense of freedom

The most valid short version!!

We became Florida residents this year, saved the income tax from Minnesota, homestead credit here. Auto insurance similar prices.

Requirement is to be out of Minnesota for 6 months and a day. Florida does not care how long you are here.

Son in Florida, daughter in Texas, so travel back and forth by way of Texas.

We were residents of both Massachusetts and NH. We decided to sell up in Mass and move permanently to NH - it is a very poor State with no income tax revenue so everything is paid for through property taxes and sales tax. We had intended to live out our lives in NH and I attended many Elder Seminars and found out that NH death duties are brutal, we took out a Trust to cover our assets.

We purchased a home in Florida and saw an Elder Law expert here and found that Florida is much kinder to old people than NH. Our Attorney told us NH would have taken EVERYTHING we owned including our underwear(!) had we continued to live there. If we are forced through ill health to return to NH the first thing I would do is consult n Attorney.

It was suggested in an earlier post that you contact an Attorney specializing in Elder Law and that is exactly what you should do in order to find out what your obligations to NY are and what the benefits of Fl are.

And Carl Icahn--people are voting with their wallets, we did