- quote -

And if I recall correctly, the assets are valued on a
specific day (e.g. January 1). So you move all your cash
from your money market account to your bank account on
December 30, and move it back on January 3.

--
Don EA in Upstate NY

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- quote -

Probably not. The state gets year-end reports from
financial institutions. In addition, the form asks for the
date you arrived in Florida.

Trusts are not exempt. Exempt items include IRAs,
retirement plans, annuities, CDs, cash (except money markets
held by brokerage firms), Florida municipal bonds, some Govt
funds. There are plenty of places to park money without
doing a trust.

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andysharpe suggested:

- quote -

That used to be the case. However, in recent years, the
state has somehow been gaining knowledge of one's income
from securities -- possibly from IRS(?) -- and has been
"suggesting" that qualifying recipients file intangible
returns .

Some other comments:

The taxable and non-taxable items are listed in the Florida
tax link which appears in at least two previous posts in
this thread.

Some very wealthy "model citizens" have indeed transferred
taxable assets out of state to avoid -- I would not argue
with "evade" -- the tax. Some very prominent South Florida
business moguls have been publicly identified.

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martysug[at]aol.com (marty lee) wrote:

- quote -

Simply have all the investments in the trust be of
instruments which are not affected by the intangibles
tax.

Of course, you can do that without the trust.

Do a google search on Florida Intangibles Tax and you will
quickly find the investments which are exempt, which include
CDs, Savings accounts, Florida bonds ( I think ) , etc.

However, the tax is not great, and by itself, should not
deter you from moving to Florida --- lots of advantages in
a nice climate and a beautiful state.

Or, you could just not tell anyone about it, and you will
probably get away with it. The most important thing is to
NEVER post on a newsgroup that you are doing this.
....... OOPS !!!

Andy

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an_ordinary_guy_158[at]hotmail.com (Bill) wrote in
- quote -

Actually I believe there is. It seems a bit convoluted to me
but if you owed big tax it might make sense. It involves
giving up control of your funds and perhaps sending them to
someone out of state.

Best to see a lawyer who specializes in FL tax law to make
sure it is done correctly.

Martha Matthews, EA

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wjbjr[at]webtv.net says...
- quote -

What you want is commonly referred to as a "FLINT". You
should talk to your broker/banker. The cost of a FLINT is
sufficiently high that you really need well over $1 million
to make it worthwhile.

My employer does this automatically for many of our clients
once the client has agreed to it, we create the FLINT each
year. (My employer is a large wealth-management firm that
handles taxes, estate planning, etc. in addition to money
management. If you want more information, you may e-mail me
privately.)

Gary

--
You can probably X figure out X which letters to X delete to
derive my email address X.

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smithff33[at]aol.com (Herb Smith) wrote:
- quote -

Just how large is the portfolio? A single person must have
over $300K and a married over $600K before the intangible
tax comes in to play. Remember cash, CD's and some US
securities don't count.

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martysug[at]aol.com (marty lee) wrote:

- quote -

Talk to a lawyer. Assuming this "trust" is merely to avoid
the rather minimal intangibles tax, it will probably cost
you more to set it up than the cost of paying the tax.

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marty lee wrote:

- quote -

Depends on what kind of tax you want to avoid.

Stu

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martysug[at]aol.com (marty=A0lee) posted:

- quote -

Individuals [or corporations, trusts, etc.] receive an
automatic exclusion for the first $250,000 or taxable
assets. MFJ can exclude first $500,000.

For complete information, you can search this site:
http://sun6.dms.state.fl.us/dor/taxes/ippt.html

To my knowledge, there is no "avoidance" trust that
would be legal.

Bill

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marty lee queried:

- quote -

To the best of my knowledge, you cannot.
http://www.myflorida.com/dor/taxes/ippt.html

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How do i set up a trust to avoid tax ??

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