Moving to Florida? What High-Net-Worth Families Need to Know About Residency and Domicile (Ep. 19)
Thinking about moving to Florida to reduce state income taxes or enjoy retirement in a warmer climate? Becoming a Florida resident involves much more than changing your address. The planning decisions you make before your move could have a lasting impact on your taxes, estate plan, and long-term financial strategy.
In this episode, Samuel Diarbakerly speaks with Juan Bendeck, Partner at FBT Gibbons, about what high-net-worth families, retirees, snowbirds, and business owners should know before establishing Florida residency and changing their legal domicile. Juan explains the difference between residence and domicile, why the commonly misunderstood 183-day rule is only one piece of the picture, and what states may review during a Florida residency audit. They also discuss Florida’s tax advantages, estate-planning considerations, homestead benefits, and why coordinating with your wealth advisor, CPA, and estate-planning attorney before a major move or liquidity event can help you avoid costly mistakes.
What to expect:
- The difference between Florida residency and Florida domicile, and why it matters for tax planning
- Why the 183-day rule alone may not establish Florida domicile
- What states may review during a Florida residency audit, including homes, advisors, travel, financial records, and family connections
- Why business owners should plan before selling a company or concentrated stock after moving to Florida
- And more!
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Connect with Juan Bendeck:
About our Guest:
Juan Bendeck is a Partner at FBT Gibbons who focuses on trusts and estates, fiduciary matters, probate, tax planning, estate planning, and family office legal services for high-net-worth individuals and families. In this conversation, he shares practical guidance on establishing Florida domicile, understanding Florida residency requirements, preparing for potential state residency audits, and coordinating legal and tax planning before relocating or completing a major financial transaction.
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