Listen to this articleSeeing a trend in New Yorkers relocating to Florida, Moritt Hock & Hamroff has announced its new Domicile Planning Group.
The group is part of the firm’s Trust & Estates practice and is designed to help clients to ensure their choice of domicile is properly planned and maintained for both income tax and estate tax purposes.
“New York State has grown increasingly aggressive in challenging assertions by former residents claiming a change of domicile to more income and estate tax friendly jurisdictions. In particular, we have been seeing a number of our clients heading south to Florida,” Michael Cardello III, managing partner of the firm, said in a written statement.
“Our Domicile Planning Group is well positioned to advise clients of the challenges posed in claiming a change in residence, as well as help create a plan to address these challenges in the event of a residency audit by New York State,” he added.
More than half a million New Yorkers have moved to another state, according to the U.S. Census Bureau, in 2022. Of those relocating, 90,000 moved to Florida, according to published reports.
The announcement follows the expansion of the firm’s presence last year in southeast Florida with the opening of a new Fort Lauderdale office. The firm previously opened a Florida office in Naples in 2019.
