Moving to Florida is no longer just for retirees. Clear trends show that a younger generation of Americans is moving to the Sunshine State, perhaps due to the COVID-19 pandemic. Single-family home sales have more than doubled in parts of the state, as these individuals and families seek additional space and amenities.
This influx could be the result of excitement over the fact that Florida has no state income taxes and generous creditor protection laws. But while there are many tax benefits, those considering moving to Florida should pause to consider the requirements to qualify for residency as well as domicile considerations and tax impacts.
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