Florida’s Tax Advantages
Posted Jan 15, 2024
Another reason why The Arlington is the perfect place to live: Florida tax advantages.
Are you a Florida “snowbird?” Here’s a question: Why go through all the trouble and expense of flying here just for Season when you can enjoy everything the Sunshine State offers by making your home at The Arlington, Naples’ premier Life Plan Community?
It’s not just the perfect independent living lifestyle choice: 39 private acres in Naples’ Lely Resort; gorgeous single-family, stand-alone Estate Homes and condo-style apartments; five-star amenities; and lifetime access to award-winning senior healthcare, It’s also a very smart financial move. That’s because Florida’s allure extends beyond the inviting climate and wonderful way of life – there are substantial tax exemptions and other benefits, which include:
No Florida state income tax. Florida stands out as one of the few that doesn’t levy a state income tax on most forms of income, such as wages, investment income and retirement benefits.
No Florida estate or inheritance taxes. In Florida, residents can pass on more of their assets to their heirs without the burden of state-level taxes.
Favorable policies for investments. There is no intangible personal property tax on investments like stocks and bonds.
Additional Florida tax exemptions. Florida offers various tax exemptions that can lead to everyday savings. These include exemptions on sales tax for certain items, such as groceries and prescription medications.
Another financial advantage. Although it’s not a Florida tax benefit per se, in Florida certain assets are protected against judgments, meaning they cannot be taken by creditors to satisfy debts. These include wages, retirement accounts, life insurance and annuities, and Florida health savings accounts. The Florida Homestead law protects primary residences against forced sales or liens.
To enjoy these benefits, you’ll need to establish Florida as your primary residence. This involves spending around half the year in Florida, obtaining a Florida driver’s license, registering to vote, and integrating into the community. At The Arlington, it’s seamless because your new residence is part of a vibrant and welcoming senior living community.
Interested? If you’re considering moving to Florida, be sure to start by consulting with your tax advisor or attorney. Then get ready to enjoy the financial benefits of living in Florida.
By the way, while you’re here enjoying Season, schedule a tour, and get a taste of what the Naples Daily News has named “Best Retirement / 55+ Community.” We’re conveniently located close to Marco Island and Downtown Naples.