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Tax and Estate Planning for Clients Relocating to Florida

Is your client ditching the old and coming out of the cold? Be prepared to discuss estate planning challenges when relocating to Florida.

As an advisor, what do you do when a client tells you I'm moving to Florida? For the client, moving to another state means finding a new home, new community, and involves emotional and financial commitment. Sometimes, the move is just a decision to spend more time in Florida. While the decision to move can be motivated by the weather, family or a variety of other issues, the legal and tax ramifications of changing domicile can be fraught with complications. The first challenge is helping the client leave their former state. One of the most frustrating issues for a client is receiving a notice from the former state claiming that the client is still a resident for income tax purposes. Even worse is a surprise claim by the former state that a decedent was subject to state estate tax. In addition, many clients are not counseled properly on the practical steps necessary to validate Florida residency. A primary example is a client's lack of understanding of Florida's homestead laws. The benefits of this topic include learning how to advise clients on the proper exiting of their former state for income and estate tax purposes; substantiating Florida residency, including a discussion of homestead laws; and advising clients with regard to ongoing planning concerns such as Florida wills, trusts and estates issues.

Runtime: 89 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

How to "Leave" Your Old State

  • Domicile vs. Residence
  • Leave and Land
  • Primary and Secondary Domicile Factors Auditors Consider
  • Statutory Residency
  • Income Tax Allocation Rules

Establishing Domicile in Florida

  • Objective Factors: Declaration of Domicile, Driver's License, Voter Registration, Etc.
  • Subjective Factors: Where the Heart Is

Florida Homestead Laws

  • Real Estate Tax Break
  • Creditor Protection
  • Restrictions on Descent and Distribution

Florida Probate

  • How It Works
  • Duties and Obligations of the Personal Representative
  • How to Avoid It
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

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Paul A. Baldovin, Jr.

Hodgson Russ LLP

  • Senior counsel with the law firm of Hodgson Russ LLP
  • Wills, trusts, and estate lawyer with more than 30 years of experience representing high net worth individuals on estate planning, probate, trust administration, and estate and gift taxes
  • J.D. degree, cum laude, Pace University School of Law; B.B.A degree, cum laude, Pace University School of Law
  • Can be contacted at 561-656-8013 or [email protected]
Joseph N. Endres

Joseph N. Endres

Hodgson Russ LLP

  • Partner in the office of Hodgson Russ LLP
  • Practice emphasizes all aspects of state and local tax matters
  • Conducts regular seminars and workshops on Changing Your Residency; Multistate Abandoned Property; NY Tax Update; and NY Sales & Use Tax
  • Author of several publications related to Doing Business on the Web; Abandoned Property; and NYS Budget
  • J.D. degree, magna cum laude, University of Buffalo, State University of New York
  • Memberships - NYS Bar Association and Erie County Bar Association
  • Can be contacted at [email protected] or via Twitter® @NYTaxGuy
Andrew Todd Huber

Andrew Todd Huber

U.S. Trust Company

  • Senior vice president Wealth Planning Solutions with U.S. Trust
  • Responsible for the coordination and delivery of innovative estate, tax, financial and charitable planning strategies for high net worth individuals
  • Frequent speaker and has written several publications
  • Member numerous professional and civic organizations
  • J.D. degree, with honors, University of Miami School of Law; LL.M. degree, University of Florida School of Law; B.A. degree, Emory University
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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 397555
Published 2016
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