Why Florida Residency Requires More Than Paperwork

When you thought of moving to Naples, you probably thought of the sunshine, the beaches, the lifestyle. And, yes, the tax benefits.

You did what you were told to do to become a Florida resident.

You got the driver’s license.

You registered to vote.

You filed for the Homestead Exemption.

You logged your six months plus one day here in the Sunshine State.

These are the commonly accepted steps for establishing Florida residency (sometimes called “claiming domicile”). The problem is that you can do all these things and still face tough questions from your former state.

Simply Completing Forms and Filings Doesn’t Cut It

Your former state is losing out on billions of tax revenue dollars every year that are leaving for friendlier jurisdictions. That makes you – a wealthy individual – a natural target for them.

If an auditor from your former state shows up, it’s your responsibility to prove them wrong.

They won’t ask to just see your surface-level forms and filings. No, they’ll likely want to look across your entire financial life – where income flows, where trusts are governed, where spending patterns point, where professional relationships exist, etc., to try and find anywhere you might have slipped up.

And the more your wealth grows across multiple accounts, entities, and properties, the more those details matter.

Florida Residency Should Be a Strategic Wealth Decision

If residency is ever questioned, intent is important. But what carries real weight is consistency.

Consistency in how your wealth is structured and where decisions are made. This is where many people underestimate the role wealth strategy can play in Florida residency. When investment accounts, trusts, advisors, and planning decisions remain rooted in a former state, it weakens the high-stakes story you may need to substantiate later.

A Florida-based wealth strategy helps reinforce that Florida is not only where you live. It's where financial decisions originate, where portfolios are managed, where planning conversations occur, and where long-term strategy is directed.

Don’t Leave Your Financial Future to Chance

Florida residency is often treated as a personal decision. For high-net-worth families, it deserves more consideration than that. As assets grow and wealth becomes more complex, small inconsistencies start to matter.

The best time to review if your wealth is aligned with Florida is before an auditor asks questions. It’s also before a major financial event, like selling a home or business.

Florida offers meaningful advantages. Those advantages hold up best when your financial life points in the same direction as your stated intent. That alignment only happens through thoughtful strategy and coordination as your life evolves.

And when done well, it gives you something far more valuable than a tax benefit. It gives you confidence that your decisions will hold up when it matters most.

---

Rob Edwards is a Managing Director and Senior PIM® Portfolio Manager at Edwards Asset Management, serving high-net-worth families across Florida. He helps clients preserve, grow, and enjoy their wealth by navigating the complex financial and personal decisions that come with wealth. Rob has been featured in national outlets including Forbes, TheStreet.com, U.S. News & World Report, and Kiplinger, establishing him as a trusted voice for those seeking thoughtful wealth strategies. To learn more, visit RobEdwardsWealth.com.

---

Wells Fargo Advisors Financial Network does not provide legal or tax advice.

Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Edwards Asset Management is a separate entity from WFAFN.