GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re free to read more about oureditorial guidelinesand our products and servicesreview methodology.
However, relocating for the tax savings doesnt always pay off for the super wealthy.
The financial picture here is far more complex than a single tax line item.
For one, there are certain necessities high-net-worth individuals will likelypay more forin Florida.
Home insurance premiums have skyrocketed, Silva said.
And its not just in Miami this is impacting properties across the state.
Silva believes that the move has to make sense beyond taxes.
It should align with your lifestyle and long-term vision, he said.
Without that, youre just chasing trends, and trends can be expensive.
After the tragic Champlain Towers collapse, Florida has cracked down on how condos maintain reserves for structural repairs.
Now, homeowners are suddenly being hit with massive special assessments or monthly increases to catch up.
These extra payments are often unanticipated.
These fees vary widely, but theyre often significant and can come with little warning, Silva said.
Wealthy individuals didnt build their success by following the herd, Silva said.
Thebest financial decisionfor you is always the one that makes sense for your individual circumstances.
You need a personal strategy, not a crowd mentality.
Before making any big moves, Silva recommended seeking the advice of a professional.
Thats exactly where a skilled wealth advisor makes a difference, he said.
More From GOBankingRates
Sources
Share This Article:
