DOMICILE CHOICE BY THE MADOFF INVESTOR WITH HOMES IN NEW YORK AND FLORIDA—ITS POSSIBLE IMPACT ON ATTEMPTS TO CLAW BACK CASH RECEIVED

PART I

1. SEMINAR DESIGNED SPECIFICALLY FOR THE MADOFF INVESTOR WHO HAS RECEIVED CASH PAYMENTS AND HAS A HOME IN BOTH NEW YORK AND FLORIDA.
   
2. $50 BILLION INVESTED AND $1 BILLION LEFT—WHERE DID THE OTHER $49 BILLION GO?
   
3. MAY BE NAMED AS A DEFENDANT IN LITIGATION IF AND WHEN THE BANKRUPTCY TRUSTEE REPORTS THAT YOU RECEIVED SUBSTANTIAL CASH PAYMENTS
   

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PART II

1. IF YOU ARE NAMED IN ONE OR MORE LAWSUITS, WILL YOU BE IN A BETTER POSITION IF YOU ARE DOMICILED IN NEW YORK OR YOU ARE DOMICILED IN FLORIDA OR WILL IT MAKE NO DIFFERENCE?
   
2. HOW DO YOU KNOW IF YOU ARE DOMICILED IN NEW YORK OR FLORIDA?
   
3. DOMICILE IS DEFINED BY ROMAN LAW TO MEAN:
   • "IN WHATSOEVER PLACE AN INDIVIDUAL HAS SET UP HIS HOUSEHOLD GOODS AND MADE THE CHIEF SEAT OF HIS AFFAIRS AND INTEREST, FROM WHICH, WITHOUT SOME SPECIAL AVOCATION, HE HAS NO INTENTION OF DEPARTING; FROM WHICH WHEN HE HAS DEPARTED, HE IS CONSIDERED TO BE AWAY FROM HOME, AND TO WHICH WHEN HE HAS RETURNED HE IS CONSIDERED TO HAVE RETURNED HOME."
   
   
4. DISCUSSION OF THE NEWCOMB CASE DECIDED BY THE NEW YORK COURT OF APPEALS IN 1908 RECOGNIZING CHOICE OF DOMICILE THAT REMAINS GOOD LAW IN NEW YORK.
   

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PART III

• _____File a declaration of domicile with the Florida Circuit Court
  
• _____File for Florida homestead exemption.
  
• _____Obtain Florida operator’s license and relinquish New York license.
  
• _____Acquire Florida license plates and relinquish New York license plates.
  
• _____Register to vote in Florida and actually vote and notify New York to remove the
  
• name from the voting roles.
  
• _____File a nonresident, rather than a resident, New York income tax return if there is
  
• New York source income.
  
• _____File Federal income tax return with IRS Center in Atlanta, Georgia.
  
• _____Transfer safe deposit box contents to Florida and close out New York box.
  
• _____Open a Florida bank account.
  
• _____Change credit cards to Florida address.
  
• _____Execute a new Florida Will, Florida Durable Power of Attorney and Florida
  
• Health Care Proxy.
  
• _____Refer to Florida residence in all trusts and other legal documents.
  
• _____Affiliate with Florida organizations and consider disaffiliation with New York ones
  
• or become nonresident members, if available.
  
• _____Have family gatherings and social activities centered in Florida
  
• rather than New York.
  
• _____Affiliate with a church or temple in Florida.
  
• _____If you intend to invest in real estate or businesses, focus on those in
  
• the Florida area rather than the New York area.
  
• _____Transfer works of art, expensive furniture, heirlooms and other items "near and
  
• dear" to Florida.
  
• _____Consider acquiring cemetery plots in Florida.
  
• _____List Florida residence as the primary residence on all homeowners insurance.
  
• _____Turn in any New York resident fishing or hunting license.
  
• _____License pets in Florida.
  
• _____Obtain a Florida library card
  
• _____If a New York notary public, resign and become a Florida notary public.
  
• _____Cancel any New York real estate STAR exemption .
  
• _____Stay as long as is practical in Florida each year and maintain a diary evidencing your whereabouts and back up your diary entries by retaining credit card statements,
  
• cancelled checks and country club, EZ Pass or Sun Pass statements and other evidence
  
• of your whereabouts.
  
• _____Consider acquiring a larger and/or more expensive home in Florida or remodeling
  
• or redecorating it and acquiring a smaller and/or less expensive home in New York
  
• and document any steps taken in doing so.
  
• _____If a physician has advised that either extremely cold weather or hot, humid weather
  
• may be harmful to your health, the physician should be requested to document
  
• the medical records accordingly.
  
• _____Request New York physician and New York dentist to send a copy of all medical and dental records to doctor and dentist in Florida.
  
• _____Subscribe to local Florida newspaper.
  
• _____Check out whether your medical insurance plan will remain effective in Florida; and
  
• if not, acquire medical insurance to cover you as a domiciliary of Florida.

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PART IV

1. Can you now afford to maintain two homes? Should you sell one or both or at least downsize one of them?
   
2. Should you spend more or less time in Florida? Should you cancel your summer vacation abroad and stay in New York those extra days or go elsewhere?
   
3. Should you sell any items that are "near and dear" to you such as works of art, coin collections or one or both yachts that you have kept on a permanent basis in either Florida or New York? One of the four primary factors that a New York tax domicile auditor is required to take into account is where you keep items that are "near and dear" to you. A Florida or New York court addressing the Madoff fraud may or may not consider that a major factor in deciding whether you have not effectively changed your domicile to Florida.
   
4. If you are considering dropping out or changing your status in one of more country clubs or other organizations, which should you favor?
   
5. If you are considering doing consulting or other work in New York or Florida, will it affect your domicile status?

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