Frank Basile presented to two groups of high net worth Illinois residents seriously considering changing their state domicile from Illinois to Florida. The event was held at “Hamburger University” on The McDonald’s Corporate Headquarters campus in Oak Brook, IL. The event compared and contrasted the state income tax and estate tax savings that could be achieved by taxpayers through properly changing their state domicile to Florida.
Some of the topics discussed were:
- Perception vs Reality of Florida Domicile/Residency
- Taxpayer’s “Intent” is a key factor in determining a domicile
- Case studies of actual domicile cases
- Filing for a Homestead Exemption
- Exact listing of tasks required to properly complete the change of domicile
Many taxpayers changing their domicile from a northern “taxable” state to the state of Florida have encountered several misconceptions and false perceptions about this type of domicile change. A common misnomer among the attendees was that if you change your state of domicile, you will automatically be audited by your former state, which is clearly false. Also, many taxpayers have been told by their friends “on the golf course” that all you need to do to be a Florida resident is to stay in Florida for six months and one day….totally false.
Our seminars and workshops teach taxpayers how to properly change their domicile in an effort to avoid a state audit or to succeed in the event that one occurs. We inform attendees that they should never disregard a logical and legal opportunity to reduce their income tax liability.