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The Florida 'boom': lawyers see huge increase in wealthy claiming residency in the Sunshine State.
Byline: Correy E. Stephenson
People are flocking to the Sunshine State in greater numbers than ever, seeking asset protection and a decrease in taxes, estate planners tell Lawyers USA.
"It's a tidal wave," said Bruce M. Stone, a 32-year estate planning veteran at Goldman Felcoski & Stone in Coral Gables, Fla. "We've noticed a huge increase in the numbers of wealthy clients claiming Florida as a domicile."
"We're seeing a significant uptick in the number of people relocating, or establishing themselves as Florida residents," agreed Donald R. Tescher, an estate planning and tax specialist at Tescher Gutter Chaves Josepher Rubin Ruffin & Forman in Boca Raton, Fla. "We've been really busy."
Clients with a second home in Florida are establishing it as their primary residence, and others are simply moving all of their assets into the state, he said.
Jonathan B. Alper, a solo in Heathrow, Fla. who specializes in asset protection, said that lawyers and clients are increasingly taking advantage of Florida's favorable legal climate because "technology gives them the ability to communicate out of state so easily. Now it's possible to live in Florida but run a business up north or stay in contact with family in California."
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