If you are consistently spending time in multiple states or even countries, you should be aware that the number of days you spend in any one place can affect your estate planning. To be considered a Florida “resident,” you should be spending at least 6 months and 2 days in Florida. Florida law requires you have the intent to be a resident of Florida. Becoming a Florida resident can be advantageous for real estate, income, and inheritance tax purposes. However, you also need to be mindful of the requirements of the other jurisdictions in which you are spending time. For example, some states count even several minutes within state lines as “one day.” Be sure to keep careful records of your time in each location. Speak with your attorney regarding the pros and cons of residency in different states, and their requirements.
-Emily A. Helmick, Esq.