Concierge Transition to South Florida Money Saving Domicile Great weather used to be the motivating factor for those in the Northeast seeking shelter from the winter storms. A new wave of people are seeking shelter from the taxation burdens and establishing a Florida Domicile to save a substantial amount of money every year. As a former New Yorker living in Manhattan my taxes included local, state, and federal taxes, with a tax burden approaching 50%. Ouch, Florida has no state or local income taxes which is one of the reasons I joined the migration wave to Florida. This flood of migration has been exacerbated by the $10,000 cap on state and local tax (SALT) deductions. A recent analysis by a prominent tax attorney showed a person (or couple) earning $650,000 in ordinary income could save almost $70,000 by moving from New York to Florida. Establishing Domicile and generating enough income to make a viable lifestyle change are challenges faced by many working in industrie...
