Today’s Navigation: A Series by Weiss LLP

In addition to its already attractive climate, the state of Florida offers numerous financial incentives for those looking to relocate post-retirement.

Crucially, Florida has no estate tax. This means that the State of Florida will not impose any state-level taxes on the estate of a deceased resident before it is distributed to heirs. Additionally, the Sunshine State has no Inheritance Tax, meaning the heirs and beneficiaries of the estate themselves will receive what they inherit tax-free at the state level.

Additionally, Florida has no a state income tax, a quality it shares with only eight other states. This should be especially enticing for retirees, as it means no state tax on Social Security benefits, pensions, or withdrawals from retirement accounts. Florida offers a sizeable homestead property tax break as well, which you can learn more about in our dedicated article on the subject. (insert hyperlink to homestead article)

IMPORTANT! It should be remembered that, taking advantage of these benefits, one must be a permanent resident of the State of Florida. Florida’s beautiful beaches, retirement communities, and climate make it an appealing destination for seniors to enjoy as residents. Call Weiss LLP for more information.

Today’s Navigation is a series of articles by Weiss LLP to help individuals and businesses “navigate” today’s personal and business climate. Contact Weiss LLP for more information.