Asset Protection for New Florida Residents

Florida has very strong protection for debtors; debtors are people who owe money.

In addition to protecting your personal residence from being taken, Florida has no estate tax or inheritance tax, provides heightened protection for property held by a married couple under some circumstances, generally protects most retirement accounts and pensions as well.
However, if you’ve recently moved to Florida, one thing you may need to think about is whether you have transferred your assets to Florida from the state that you moved from.  While each state has their own laws, in order to take full advantage of Florida protections, all of your assets, or at least as many as you can transfer, should be moved to Florida. Some states have income taxes; estate and inheritance taxes. And some states will try to levy those taxes on any assets that are located in that state even if the owner does not live in that state.  Likewise, if you are unlucky enough to get sued and lose the case, if you own assets outside of Florida it is entirely possible that the creditor could try to use out of state laws to seize out of state assets.
So; to the extent that you can, you should move your assets to Florida after you move to Florida. While I understand that you may have a long time relationship with the broker in your home state, to the extent that the account remains with that broker, there is an argument that the account remains out of state and not subject to Florida laws. Likewise, when dealing with a nationwide bank, if you leave your bank accounts in a non-Florida branch, there may be an argument that the accounts are still subject to that states laws.  If you have accounts out of state, transfer them to a Florida branch or broker, and if necessary, close the accounts out of state and open entirely new ones in Florida. Likewise, transfer your auto registration to Florida; register to vote in Florida; in other words, do the best that you can to show that you are now a Florida resident and are no longer subject to the other state.

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