Beachfront Living in Florida

There are few places more associated with beachfront living than is Florida. This state has some of the most beautiful waterways and shores in the nation and, if one wants a bit of a change, the Everglades are one of the most stunning natural wonders in the country. Being on the beach in locations such as Miami Beach, South Beach and Sunny Isles Beach has some unique characteristics compared to that same experience in other parts of the nation. The communities here offer a feel and a vibrancy that is seldom the case in other areas of the US.

These communities have always drawn people from around the world. These are not mere tourists, these are people moving to Florida to live the American Dream; to purchase their own homes in an area of incredible natural beauty and unparalleled cultural diversity. Florida is something of a microcosm of the nation at large and these three beachfront cities are concentrated versions of that microcosm. One will not find the typical upscale communities in these areas. One is as likely to meet a successful Russian entrepreneur as they are a member of a famous East Coast family on these beaches. The difference is that both of those individuals are likely permanent residents.

The communities in South Beach, Miami Beach and Sunny Isles Beach are remarkable for the socialization that goes on at the beach. These are not huge tracts of land owned by just a few people but, instead, are community treasures that are available to one and all and which often serve as the nexus of community interaction. One is as likely to meet their friends sunning themselves on the sands as they are to meet them in the fashionable restaurants and shops along Sunny Isle Beach's Collins Avenue or in the local city hall.

Investing in properties in these locations has proved to be a good move for many individuals. Not all real estate investment is done for money. Some real estate investment has to do with finding a home that one can come to love and call their own. These communities foster that kind of attachment to where one lives. Once one has awoken to the sun rising over Biscayne Bay, there are few things that could pry them from the sight, much less from the home that affords them such a beautiful view of the world.

Florida Homestead Exemption - A Major Tax Benefit of Living in Florida

In addition to the absence of certain major taxes in Florida, there are numerous laws in place to ensure that the taxes they do have are kept in check for the state's permanent residents.
 
Florida Homestead Exemption
 
A major benefit of living in Florida is the Florida Homestead Exemption, which rules that permanent residents cannot be taxed on up to $50,000 of their primary home's assessed value.

As part of the law, all Florida residents are eligible for a $25,000 exemption on the assessed value of their home. Those with an assessed value of more than $50,000 (i.e. $50,001 and up) are eligible for an additional $25,000 exemption, depending on the value of their home. The exemption can only be applied to non-school taxes, and the property must be worth at least $75,000 to receive the full $50,000 exemption amount. (Those 65 and over could be eligible for an additional $50,000 exemption, making the concept of moving to the state for retirement that much sweeter.)

Florida has been generous in allowing residents to claim this exemption, applying it to homes, condos, co-ops and even some mobile homes. But to receive it, you must be a Florida resident, and the home must be your primary residence.
 
Save Our Homes Amendment
 
Technically part of the Florida Homestead Exemption, the Save Our Homes Amendment goes one step further in protecting homeowners by limiting the annual increase in tax assessment to 3 percent per year for properties that qualify. That means that even if the value of your home suddenly spikes (and hopefully it will) you won't get hit with an unexpectedly large spike in property taxes, as well. (Home construction and other improvements may disqualify you from receiving the 3 percent limit, so discuss the benefits or drawbacks of such projects before you take them on)

Starting in January 2009, Florida property owners also began receiving this type of protection on their second homes when a law went into effect stating that the rate increase on second properties would be capped at an annual rate of 10 percent per year.
 
Residents aren't the only ones to benefit from the Save Our Homes amendment. The SOH also protects businesses by exempting them from the first $25,000 in tangible personal assets for their business.
 
When it comes to the Save Our Homes Benefit, another term you'll hear a lot is "Portability." Portability is the ability of a homeowner to retain the benefits they've accrued through SOH, even when they move to another home of greater or lesser value.
 
For instance, logic says that Florida homeowners benefiting from the Save Our Homes benefit are paying less-than-market value for the property taxes on their homes, as the amount they pay each year is capped (unlike taxes in the open market). As such, it's natural to assume that some residents would be reluctant to move and take on higher property rates, along with a potentially higher mortgage.
 
To prevent that, Portability allows you receive a similar benefit on your new home, even though it's assessed at current market value. Pretty cool, right? The amount will vary depending on the value of your new home, and whether you are upsizing or downsizing on your move. (If you're upsizing, you'll be able to keep the entire benefit. If you're down-sizing, you'll receive the same percentage of the benefit applied to the new home's value.)

Six tips for a Florida Living Trust - Sunshine Estate Planning

To maintain the heritage and private matters of succession, avoiding the cost and frustration of a procedure for succession Florida, completing a legislative fast transfer of assets to the heirs of this living trust in Florida have snowballed in popularity with the "snow-bird" put on.

Tip # 1 Florida Estate Planning, Probate Court for the cost. Trust Florida are all about life, intelligent, and planning to minimize death legal steps, the complexity, cost and pain.It should be noted that thousands of people who prepare their properties for the transfer of the right. Age, illness or injury makes them incapable, incompetent or worse! Result? Your entire property, along with the unraveling of taxes, creditors and commitments more "moves" to the probate court.

* What are the costs of families Probate! Families of goods and transfer of assets without properly constructed documents, such as Florida revocable living trust, you may lose more than 20% of assetsEmphasis on administrative and legal fees, and up to three years or more before the courts, some add-in 'of sadness and frustration, and then ice the cake with the cost of time-value of financial assets out of the market for period probate decisions. And do not forget your family total loss of privacy ... while living in Florida makes the transfer of particular activities confidence and privately, in Florida, Probate Court is an "open book" for all next Snoopy, or examination procedures Reporter to pour over.

Tip # 2 What about Taxes and Asset Protection Trust In My Living Florida. * No Tax Benefit. Trust who live in Florida do not offer tax benefits to all. Profit from ordinary or capital gains and losses of partnership income, rents and so on for all assets "financing" the living faith of the United States treated in filing for tax purposes on your personal or joint control. The only exceptions are> Florida living trust, in which the new real assets "community property" heritage of men and women appears to be higher than current federal estate tax exemption.

* No Asset Protection. Living Trust of Florida do not even have to protect property from creditors or the shares of the decision. If you personally own a well, and when the asset is protected or not protected by law, and if you "lose in court, then the party or litigation likely to receive an applicantJudgement to get your confidence in life and legally remove the target portfolio.

Tip # 3 picking your trustee and successor trustee. Trustee If you want to personally deal with your living trust business in Florida, then the grantor or the initial order of the settlers is that you can prove to be. Make sure that a "successor trustee" that the person is instructed ... or institution like a bank or law firm ... Who is the real task of distributing the assets according to yourInstructions and compliance with all legal requirements and notification under the law of the State of Florida.

Tip # 4 You should hire a lawyer - is the law. Work methods, the preparation of a revocable trust for the living legacy of Florida and entering into a service contract law requires that the preparer of the Florida State Bar certified lawyer Any other situation is an unacceptable practice law in Florida and international treaties. TheirFlorida real estate attorney has a role of division ... identify him or her activities at all sure that they are legally transferred to the living revocable living trust in Florida.

Tip # Get your wealth together enable fifth Whether your living trust in Florida, is its shape, its management and whether they were legally "funded". In simple terms this means that all your belongings ... or in Florida or another state ... mustlegally transferred by way of confidence and control for your stay in Florida. The assets that you have forgotten or failed to pass before his death could be linked in succession, and his heirs in a way that they do not need experience an impact. Be careful when dealing with IRA or 401K retirement accounts to ensure that changes in beneficiary designations are handled correctly.

Tip # 6 The Trust Living in Florida, Estate Planning is your "Alter Ego".Think of your living trust as a form of documentary you ... entire working life, we have what your assets you've created, and preferences for the heritage of the trust was acquired by Florida life completely. They "fund" the trust with your financial assets and real estate. You can change this or to determine day-to-day business confidence ... it is withdrawn ... until the time of your death. After that no changes are allowed. Your living trust in Florida returns a"Irrevocable, the successor trustee manages your under strict rules, until all assets are transferred legally, paying taxes and creditors paid.

Bottom Line. If you are looking for contacts and potentially large cost and time savings for your heirs, without the imposition of court court ordered sequence, then proceeds to examine the most popular Florida living trust.

Florida Homestead Exemption - a greater tax advantage of living in Florida

In addition to Lack of some important taxes in Florida, there are many laws that ensure that the taxes that Have to do it, the residents Kept in check, was for the Continuously.

Florida Homestead Exemption

A great advantage of living in Florida is the Florida Homestead exemption, rules, permanent residence can not assess the rateable value up to € 50,000 of their main house.

As part of the law,All Florida residents are eligible for a $ 25,000 exemption on the appraised value of their home. Those with an estimated value of over $ 50,000 (ie $ 50,001 and over) are entitled to an additional exemption to $ 25,000, depending on the value of their home. The exemption can only be applied to non-school taxes and property from a value of at least $ 75,000 to $ 50,000 receive a full exemption. (Age 65 or older may be an additional $ 50,000 exemption for eligible, so theConcept of moving to the state for retirement that much sweeter.)

Florida has been generous exemption allows residents in this statement apply to houses, condos, co-op and even some mobile homes. But to do so, you must be your stay in Florida, and the house must be your primary residence.

Save Our Homes amendment

Technically, the Homestead exemption in Florida, the Save Our Homes amendment is a step in Protection of homeowners by reducing the annual growth of taxes to 3 percent per year for properties that qualify. This means that even if the value of the house suddenly spikes (and hopefully) not be affected, and with an unexpectedly high increase in property taxes. (Home Building and other improvements to disqualify you from receiving the limit of 3 percent, then discuss the advantages or disadvantages of these projects before taking them)

From January 2009,> Florida has begun to receive even the landlords of this type of protection for their second homes, when a law takes effect in the year, according to which the increase would be the second 10 percent for properties closed at an annual rate.

Residents are not the only ones who benefit from Save Our Homes amendment. The SOH also protects businesses by exempting the first $ 25,000 in tangible personal property for their business.

When it comes to OUR HOMES SaveEnjoy a different name you hear much, is "portability". Portability is the ability of homeowners to the benefits accrued SOH recognized, even if continuing to move to another house of greater or lesser value.

For example, logic says that homeowners in Florida can benefit from Save Our Homes benefit to those paying market value for lower property taxes on their homes, since the amount they pay each year is limited (unlike imposed on the green market). As such, it isnatural to think that some residents were reluctant to move and to recruit more high property prices, with larger mortgages.

To avoid that, you get portability enables a similar service for your new home, even if valued at current market value. Pretty cool, huh? The amount will vary depending on the value of your new home, and if you are downsizing or upsizing your move. (If you upsize, you will be able to appropriate all the benefits. IfIs downsizing, you get the percentage of benefit also applies to the new home value.)