Setting Up Your Financial Life in Florida: Banks, CPAs, Estate Planning, and the Domicile Checklist

The lifestyle benefits of moving to Florida get all the attention — the weather, the beaches, the space. But for many families, especially those relocating from high-tax states or from abroad, the financial restructuring that happens alongside the move is equally transformative. Florida's tax environment is genuinely advantageous, but only if you set things up correctly from the start.

This isn't the exciting part of relocation. It's the important part. And the families who get it right in the first 90 days reap benefits for decades.

Establishing Domicile: More Than a Change of Address

Buying a home in Florida doesn't automatically make Florida your legal domicile. This is a critical distinction that trips up more people than you'd expect — particularly those who maintain ties to other states or countries.

Your domicile is the state (or country) you consider your permanent home, and it determines where you pay state taxes, where your estate is probated, and how your assets are treated at death. If you're moving from a state with income tax — New York, California, New Jersey, Connecticut — the tax authorities in your former state have a financial incentive to argue that you never really left. And they do argue this, regularly, in audit proceedings that can be expensive and time-consuming.

To establish Florida domicile definitively, you need to take a series of deliberate steps. None of them are individually sufficient, but together they create a comprehensive record of intent:

File a Florida Declaration of Domicile with your county clerk's office. This is a sworn statement that Florida is your permanent home, and it should be filed as soon as possible after your move. Update your driver's license to Florida. Register your vehicles in Florida. Register to vote in Florida (and vote here). Use your Florida address on all tax returns, financial accounts, and legal documents. Update your passport address (if applicable). Join local organizations, clubs, and religious institutions. Keep a calendar or log that demonstrates you spend the majority of your time in Florida.

The more connections you sever with your former state and the more connections you build in Florida, the stronger your domicile claim. If you're maintaining a residence in another state — a pied-à-terre in New York, a family home in Connecticut — consult with a tax attorney about the specific rules for that state. New York, for example, applies a "statutory residency" test that can subject you to state income tax if you maintain a residence and spend more than 183 days there, regardless of where your domicile is.

Finding a Florida-Based CPA

Your accountant back home may be excellent, but they may not be the right person to handle your Florida transition. Multi-state tax planning, domicile documentation, homestead exemption filings, and Florida-specific deductions and obligations all benefit from local expertise.

Look for a CPA who regularly works with relocating families and understands the intersection of Florida tax law with the laws of common origin states (New York, New Jersey, California, Connecticut, Illinois) or countries (UK, Canada, Israel). If you're a business owner, you'll also want someone familiar with Florida's tangible personal property tax, commercial lease tax (yes, Florida taxes commercial rent), and the structuring considerations for businesses operating across state lines.

Ask for referrals from your real estate agent, your attorney, or other families who've recently relocated. The right CPA will do more than file your returns — they'll help you structure the move to maximize the financial benefit.

Estate Planning: The Most Overlooked Priority

Here's the uncomfortable truth: if you die with estate planning documents drafted under another state's laws, your Florida assets may be subject to probate proceedings in both states. And if you die without updated documents, Florida's intestacy laws — not your intentions — will determine how your assets are distributed.

Every relocating family should meet with a Florida estate planning attorney within the first few months of the move. At minimum, you'll want to update or create the following: a Florida-compliant will, a revocable living trust (if appropriate for your situation), durable power of attorney, healthcare surrogate designation, and a living will (advance directive).

Florida's estate planning laws differ from those in many other states in meaningful ways. For example, Florida has specific homestead protections that affect how your primary residence can be devised in your will — you cannot, in most cases, leave your homestead property to someone other than your spouse if you have a surviving spouse. These nuances matter, and they require Florida-specific legal counsel.

For international families — particularly those from the UK — there are additional layers of complexity around cross-border estate taxation, treaty provisions, and the interplay between US and foreign estate and inheritance taxes. This is specialist territory, and it's worth investing in proper advice.

Banking: Local Relationships Still Matter

Most national banks will seamlessly transition your accounts when you move, and if you're happy with your current institution, there may be no reason to switch. But there are advantages to establishing a relationship with a Florida-based bank or credit union, particularly if you're buying property.

Local banks and credit unions often offer more competitive mortgage rates, more flexible underwriting, and more personal service than national chains. They're also more attuned to the local real estate market, which can be helpful during the buying process.

If you're relocating from abroad, setting up US banking can be more complex. You'll need a Social Security Number or Individual Taxpayer Identification Number (ITIN) to open most accounts. Some banks cater specifically to international clients and can help navigate the documentation requirements. Get this process started before you arrive, if possible — it can take several weeks.

The Domicile Checklist: Your First 90-Day Financial To-Do List

Here's a consolidated checklist for your financial setup. Timing matters on several of these items, so work through them systematically:

Week 1-2: File your Declaration of Domicile with the county clerk. Open or transfer bank accounts. Begin shopping for homeowners and auto insurance. Get your Florida driver's license. Register your vehicles.

Week 3-4: Register to vote in Florida. Begin interviewing CPAs with multi-state or international tax experience. Contact your employer (if applicable) to update your state of residence for withholding purposes.

Month 2: File for homestead exemption with the county property appraiser (deadline is March 1 for the following tax year — don't miss it). Schedule a meeting with a Florida estate planning attorney. Review and update beneficiary designations on all financial accounts, retirement plans, and insurance policies.

Month 3: Finalize new or updated estate planning documents. Conduct a comprehensive review of your insurance coverage (life, disability, umbrella, in addition to home and auto). If you own a business, consult with your CPA about Florida-specific business tax obligations.

A Note on Professional Advisors

The quality of your professional team — CPA, attorney, insurance agent, financial advisor — will have a direct impact on how smoothly your financial transition goes and how much money you save over time. Florida has no shortage of qualified professionals, but the best ones are often found through trusted referrals rather than Google searches.

Don't be afraid to interview multiple candidates. Ask specifically about their experience with relocating families, their familiarity with your origin state or country's tax laws, and their approach to proactive planning (as opposed to reactive compliance). The right advisor sees around corners. The wrong one just files the paperwork.

Want introductions to trusted CPAs, estate planners, and financial advisors who specialize in helping relocating families? Adam Jacobs has built a vetted network of professionals in South Florida for exactly this purpose. Reach out at adam@jacobsrelocation.com.