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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
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Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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FL residency fiscal benefits/liabilities: I have an option

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FL residency fiscal benefits/liabilities: I have an option of state residency in FL...currently in NH. What financial benefits might there be as a FL resident...and what limitations? thanks....dl
Submitted: 8 months ago.
Category: Legal
Expert:  Joseph replied 8 months ago.
Hello and welcome to JustAnswer,

My name isXXXXX am a licensed attorney, and my goal is to provide you with excellent service today.

Both New Hampshire and Florida have no income tax, so while that is a definite benefit of being a Florida resident, it is not one that you personally would experience as a 'benefit' since New Hampshire has no state income tax either.

The only primary difference is that Florida has a six percent sales tax, while there is no sales tax in New Hampshire. So, as far as financial benefits go, less of your money would go to taxes in New Hampshire than in Florida actually. (Part of the reason why 'live free or die' is their state motto).

Is there something else you meant by 'fiscal benefits and liabilities'?



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Thanks and best of luck!

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Joseph, Lawyer
Category: Legal
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Experience: Attorney with significant and substantial experience in multiple areas of law.
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Customer: replied 8 months ago.

Thank you, Joseph. I'm aware of the sales tax difference which is consumption locale oriented rather than residency.


 


And perhaps it is pushing my question too far but I understand there is some RE tax reduction for residents...whether on a single or multiple houses I don't know...and if there is an upper limit? An other equivalent benefits?


 


And not in the fiscal side but I also understand that estate executors must be FL residents for estates settled in FL....correct?


 


Anything else in that vein? thanks.....dl

Expert:  Joseph replied 8 months ago.
Unfortunately, both those questions are outside of my realm of knowledge, as the first one is a real estate question, and the second an estate question.

You should open those in the two categories respectively for expert information.

I can ask customer service to cancel this question if you'd like.
Expert:  Law Educator, Esq. replied 8 months ago.
Thank you for your question. Your previous expert has opted out and I am a different contributor looking forward to working with you to provide you the information you are seeking for educational purposes only.

FL has what is called a homestead exemption for FL residents where the home is their primary residence. All legal Florida residents are eligible for a Homestead Exemption on their homes, condominiums, co-op apartments, and certain mobile home lots if they qualify. The Florida Constitution provides this tax-saving exemption on the first and third $25,000 of the assessed value of an owner/occupied residence. Thus, your homestead exemption means if your home is worth $100,000, you have an exemption from taxes on $50,000.

As far as an executor of an estate in Fl, they must be either a Florida resident or related to the decedent, within the prescribed range, by blood or marriage. Also, FL rules of probate provide if there is more than one heir or beneficiary an attorney is required to probate the estate.



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This is NOT the practice of law nor is it legal advice to you, it is merely educational information for you to use to seek out a licensed attorney in your state to get actual legal advice from them. Please use sites such as http://www.martindale.com or http://www.lexmundi.com or http://www.hg.org to find a local attorney to get actual legal advice in all matters.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 88677
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Law Educator, Esq. and 2 other Legal Specialists are ready to help you

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