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A move to Florida can save a New York resident up to 9% in income taxes and up to 16% in estate taxes. Where’s Your Teddy Bear, and Other Residency Requirements for New Yorkers – Elder Law, Estate Planning, Special Needs Blog Long Island New York
I am your New York-Florida connection, with offices on Long Island and in Fort Lauderdale. I practice: Estate planning for New Yorkers and Floridians, especially for those contemplating changing domiciles; administration of estates in both states, especially ancillary administrations for decedents with properties in both or either state; real.
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Careful Planning Required to Avoid New York’s Estate Tax By Joseph Verciglio on June 12, 2013 Posted in Estate Tax Now that Congress has implemented a relatively large per person federal gift/estate tax exemption (i.e., the per person federal gift/estate tax exemption is $5,250,000 in 2013, indexed for inflation), many think that estate tax.
In order to avoid the tax exclusion, it is recommended you sell the New York property either before or promptly after moving to Florida. One should also take note that New York State is quite aggressive in auditing people who switch their residency to Florida, so you should be prepared for an audit, keeping careful records of the time you spend in Florida and your trips back and forth to New York.
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