How Easy Is It to Escape Your Former State’s Taxing Authority When Declaring Florida Residency?

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How Easy Is It to Escape Your Former State’s Taxing Authority When Declaring Florida Residency?

Attorney Craig R. Hersch’s third book highlights the advantages of an up-to-date Florida-based estate plan 

Whether to claim Florida residency and how that affects an estate plan is a consideration for seasonal Florida residents and others contemplating Florida residency. Many of those same seasonal residents maintain two residences – one here and another in a northern state. In his new book, The Florida Residency & Estate Planning Guide, attorney Craig R. Hersch addresses whether a will, revocable living trust, durable power of attorney, health care surrogate and living will documents remain valid in Florida and how this effects your northern holdings.

Hersch is a Florida Bar Board Certified Wills, Trusts & Estates attorney and holds his Florida CPA license and is a national practice development expert and contributor to Trusts & Estates Magazine. He has also developed trademarked processes tied to his estate planning and administration practice, including The Family Estate & Legacy Program™ and The Estate Settlement Program™.

“In recent years, laws surrounding estate, trust, durable power of attorney, health care surrogate and living will documents have all undergone significant changes, especially when considering the effect those laws have on your former state’s taxing authorities. For those with an out-of-state wills or trust and those contemplating Florida residency, there are considerations for legal and tax purposes that need to be addressed,” said Hersch. “In my new book, The Florida Residency & Estate Planning Guide, I help readers explore the advantages to Florida residency and strategies designed to help provide confidence and peace of mind for those trying to navigate the often confusing legal, tax and financial world.”

His book addresses some of the complexities that incoming Florida residents face, including:

  • Are wills and trusts established out of state valid, once you move to Florida?
  • Can taxes be reduced by declaring Florida residency?
  • What effect does my previous northern residency have on declaring residency in Florida?
  • What are Florida’s laws regarding durable health care power of attorneys, and what happens with my DNR directive?
  • Do I need to update my legal documents to Florida law?

His book also contains an appendix summarizing and comparing residency requirements, income, gift and estate taxes from all 50 states and the District of Columbia, offering readers insight on the specifics.

Hersch is a multiple graduate of the University of Florida with accounting and law degrees and has provided his expertise as a continuing education lecturer for The Florida Bar and the Florida Institute of Certified Public Accountants. He is a member of WealthCounsel, a national estate planning attorney educational and networking organization, where he hosts a series of workshops for attorneys around the country. They have also tapped him as a featured speaker for their 2017 Symposium in Hollywood, California. He has been published in Trusts & Estates Magazine multiple times, also has conducted online workshops for their attorney subscribers nationwide. In addition to publishing his third book, The Florida Residency & Estate Planning Guide, Hersch has authored Common Cents Estate Planning and Legal Matters When a Loved One Dies. Hersch also writes a weekly estate planning column for local Sanibel paper, The Island Sun, available on his firm’s blog at www.sbshlaw.com/blog.

Originally founded in 1924, Sheppard, Brett, Stewart, Hersch, Kinsey & Hill, P.A. provides personalized advice and legal services on matters ranging from estate planning, probate and trust administration, asset protection strategies, real estate law and transactions, and business, corporation and banking law.

The attorneys at Sheppard, Brett, Stewart, Hersch, Kinsey & Hill, P.A. have and will continue to take an active role in the Southwest Florida community, serving on various business boards and charitable foundations. For more information, visit http://felp.estateprograms.com or call 239-334-1141.