SESSION NO. 6

How should you time your domicile change to Florida?

If you are selling corporate stock---change your domicile prior to the sale. Generally, no New York tax on gain.

However, if your change of domicile takes place a few days or a few months after the sale, there will be a New York tax.

CAUTION: EVEN THOUGH YOU CHANGE YOUR DOMICILE MID-YEAR YOU MAY BE A STATUTORY RESIDENT FOR THE REMAINDER OF THE YEAR IF YOU CONTINUE TO MAINTAIN A PLACE OF ABODE IN NY AND ARE PRESENT FOR MORE THAN 183 DAYS DURING THE CALENDAR YEAR. IF SO YOU WILL BE SUBJECT TO NY GAIN EVEN IF YOU HAVE CHANGED YOUR DOMICILE TO FLORIDA.

Creating trusts.

Florida Intangible Tax Repealed.