Snowbird/Residency Change Planning

Snowbird/Residency Change Planning

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Due to the impact COVID and/or for income tax and estate tax minimization purposes, many individuals have either partially or totally changed their residence to Florida. 

 

If your family has moved to Florida, or is contemplating such a relocation, it is important that the transition be implemented in a proper fashion and that the change of residency is properly reported for income tax purposes.  Mistakes in the transition or incorrect reporting could trigger tens of thousands in unreported tax, interest and penalties if audited by the tax authorities of New York, New Jersey or California.  Guerra TWP can advise you in this transition so that you can seamlessly change your residence to Florida (which levies no personal income or estate tax) to achieve substantial tax savings.

When you change your domicile to Florida, it is also important to execute new Florida estate planning documents, make the proper declarations of domicile, file for the Florida Homestead exemption, etc.  Guerra TWP can assist you in these important steps.

Guerra TWP is well versed in various states’ income and estate tax laws.  We routinely advise clients in structuring of their personal and business affairs to minimize state and local income taxes and estate taxes whether before, during or after a change in domicile.