Do you live in FL and own northern real estate? You may want to consider becoming a Floridian. State death taxes imposed by northern states may be the best reason to make the move now.
Florida does not impose a state death tax, however, sixteen states do impose an estate tax and eight states impose an inheritance tax. Many of these states are the same states that Neapolitans flee in the winter and return to in the summer. The northern states that impose estate and inheritance taxes do so at rates of up to 19%.
Changing your primary residence and becoming a Florida domiciliary may substantially reduce your state death tax liability. However, if you continue to own real property in a northern state, it will be necessary to do more than just become a Floridian to completely avoid these taxes.
To learn more please read the complete article on www.probate-florida.com/ Northern Death Taxes