Florida is a great place to legally reside. Florida has no state estate tax or personal income tax. Additionally, if your primary residence is in Florida, the Florida Constitution protects your home from creditors and you are eligible to receive a homestead tax exemption corresponding to a $50,000 reduction in the appraised value of your property. The homestead law may also protect your real property in the event of bankruptcy. However, you must take affirmative actions to be domiciled in Florida. Our Florida Domicile Checklist provides an overview of the necessary steps to become a Florida resident.
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