Asset Protection for Bonita Springs, Naples and Estero Residents
The benefits of Florida residency
Lyons & Lyons provides South Florida residents with asset protection options. In addition to our estate planning and real estate services, our attorneys can help protect and manage your family’s wealth through restructuring or transferring of asset titles.
We counsel clients on how to maximize the benefits of Florida residency:
- Florida has no income tax: Florida is one of the few states in the country that do not have a personal income tax.
- Florida has no intangible property tax: as of 2007, there is no tax on intangible property in Florida. Intangible property can include stocks, bonds and other intangible personal property owned, managed or controlled by a resident in Florida.
- Florida has no estate tax: as of 2005, Florida no longer has an estate tax. Many other states, including New York, have estate taxes.
- Florida has no gift tax: similar to estate taxes, gift taxes are placed on gifts given away to any person while you are still living.
- Florida asset protection: residents can protect their homestead, life insurance, annuities, tenancy by the entirety property and other assets with proper planning.
Avoiding excessive property taxes
Without a state personal income tax, estate or gift taxes, or intangible property taxes, one could wonder how Florida manages to generate revenue. There are several answers to this involving alternate taxing. Property taxes are one area where Florida taxes can be especially high if you are a non-resident owner of property in Florida. While Florida resident property owners benefit from restrictions in how much property tax can increase each year, non-residents typically face steeper property taxes and steeper increases over time. If you own a second home or other property in Florida, Lyons & Lyons can help you decide whether that Florida should be your primary residence of residency and assist you with qualifying for for Florida residency.