Looking forward to retirement? Maybe you’re a seasonal visitor or like me, spend the summer up north. If you haven’t decided on where to retire, let me tell you why Florida should be your choice.
First of all, buying a house in Florida is extremely affordable right now. A friend recently told me that his realtor found a home in foreclosure that they bought for $250,000. It was valued at $1.2 million just four years ago! Donald Trump bought a Palm Beach estate for $41 million and put it up for sale at $125 million. You can find out how to leverage a relationship with a realtor in my book, The Florida Domicile Handbook. Plus, I explain your options with financing and homeowner’s insurance.
Florida’s homestead asset protection laws are great for retirees who are planning to declare Florida as their domicile. I give more detailed information on homestead and tax exemptions in the Florida Domicile Handbook.
Take for example the elderly mother who wants to give her home to her children upon passing. She put her home in a QPRT (Qualified Personal Residence Trust), thereby lowering the gift and estate taxes. Now, she still gets to live in that same house until she dies, paying only a minimum rent and with the real estate value of her home going up.
Another reason why Florida offers the best active senior lifestyle is the health care choices. In addition to world class facilities like the Cleveland Clinic and Mayo Clinic, Florida has many top rated hospitals and assisted living facilities. This is not to say that Florida specializes in senior care only. Medical facilities and health care providers in the state are known for medical advancements in cancer care and pharmacology among other fields.
Florida does give retirees the second (and, in all probability, the best) life that they have always wanted. In Chapter 11 of my book, you can read about all the comprehensive healthcare options available to seniors.
The Florida Domicile Handbook will also give you a step-by-step guide on how to establish a Florida domicile with a few helpful Q & A’s about changing homesteads to guide you through a smooth transition.