Are you protected?
 
For those individuals who have moved here from up north (almost all of us, right?), we welcome you to Florida. Florida is the home to beautiful weather, beautiful beaches, active lifestyles and low taxes.

Since many individuals have not completely cut off all ties with a former state, it is important to note that while it is fairly easy to establish Florida domicile, it may be very difficult to avoid the reach of your former state’s department of revenue. This is primarily due to the former state’s loss of an economic benefit in the form of taxes.

Now that you are domiciled in Florida, it is critical that your estate plan is updated for Florida law AND, just as important, that you address how your real property located in your former state is titled and or dealt with at your death.

Title Issues?
The way in which your real estate and other assets are titled in other states can greatly impacts your probate avoidance and death tax saving objectives. Most northern states have a state estate (or inheritance) tax that affects taxpayers with estates WELL BELOW the Federal estate tax exemption (currently $3,500,000 per person).

For example, if you own real estate or tangible personal property in another state, that property may be subject to state death taxes even if you are a Florida resident. However, it is often possible to avoid the state death tax using special planning techniques.

Cox & Nici has been successfully protecting our clients’ out-of Florida assets from the negatives of probate and state death tax for years.  Are your non-Florida assets protected?

Thank you for reading this issue of Cox & Nici's E-News. Please visit our website or call us for more information regarding this subject or to answer any other questions you may have.  If you wish to contact Joe B. Cox or James R. Nici directly, DO NOT REPLY to this email! Regarding legal inquiries, contact Joe B. Cox at jcox@coxnici.com or James R. Nici at jnici@coxnici.com .