Orland Park Trust & Estate Lawyers assist Illinois Residents with their Florida Property (or Florida residents with their Illinois Property)
For numerous reasons, many Illinois residents have either already purchased property in Florida, or are seriously considering doing so in the near future. Ownership of property in another state, or becoming a resident of another State, has numerous and sometime serious consequences. For example, will your ownership of property in Florida require that your Estate be probated in Florida, either as a domiciliary or ancillary proceeding? What does that process entail; and, how much will it cost my loved ones? Or, are there any tax benefits from becoming a resident of Florida; and, if I decide to become a Florida resident, what do I need to do to complete that process?
Avoiding a Florida Probate Administration
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As in Illinois, if you own property located in Florida at the time of your death, and your ownership is vested in you individually, it is more likely than not that your loved ones will be required to commence the probate process in Florida in order to transfer the title to the Florida property. This is true whether you are a Florida resident at the time of your death or not. A properly drafted Estate Plan, which takes into account your ownership of property in Florida (and Illinois, if that is the case), is essential to avoid unanticipated expense and delay which are part of any probate process. Mike is admitted to practice in both Illinois and Florida. Our office can tailor an Estate Plan for you either as an Illinois resident with Florida property, or as a Florida resident with Illinois property. Please give us a call to discuss this in greater detail.
I am considering whether or not to I should become a Florida Resident. Are there any tax benefits to being a Florida resident? If I decide to become a Florida resident, what do I need to do?
A person’s place of residency is a matter of their intent; and, of course, intent is a subjective matter. Since intent is subjective, both the IRS and Illinois Department of Revenue must look to external factors to make a determination as to a person’s residency for tax purposes. Often times, being a Florida resident may have significant income and estate tax benefits. We welcome the opportunity to discuss the tax benefits of Florida residency with you, and your tax professional, and assist you with your decision process. If you decide to become a Florida resident, we can help you navigate through that process.