Tax Planning in Boca Raton
Year-round tax strategy for South Florida families. Coordinated with your investments, estate plan, and charitable giving.
Fee-Only
Compensated solely by our clients. No commissions. No conflicts.
Serving Florida Since 1995
Three decades of fee-only fiduciary wealth management.
Your Former State Has Not Forgotten You
Year-round tax coordination. Not a year-end exercise.
New York's domicile auditors are thorough, well-funded, and patient. They will examine five years of credit card statements, cell phone location data, calendar entries, and social media activity. They will compare the square footage and furnishings of your Boca home against whatever you retained up north. They will ask where your doctors, your dentist, and your pets reside.
The families who prevail are the ones who documented everything from day one. Florida driver's license. Voter registration. Declaration of Domicile. Homestead exemption before March 1. Updated estate documents from a Florida attorney. Financial accounts re-registered to the Florida address. 183+ days of presence with contemporaneous records. Your tax plan should treat this transition as a multi-year project, not a single event. View our tax planning approach
Your Boca Raton FinancialTeam
Elayne Pisarik, CFP®, CLU, ChFC®, CDMM, MS, M.Tax
Elayne holds three degrees, four certifications (CFP®, CLU, ChFC, CDMM), a Master of Taxation, and 34 years of tax strategy experience.
Brian Sirota, CFP®, ChFC®, MBA
Brian is a Certified Financial Planner® and Chartered Financial Consultant with an MBA and 17 years of planning experience.
Tax Planning Considerations for Palm Beach County
Palm Beach County Property Tax
2025 total millage rate of 17.0047 per $1,000. Effective rate approximately 1.02%. Save Our Homes assessment cap resets to market value upon purchase.
State Estate Tax Elimination
Proper Florida domicile eliminates exposure to your former state's estate tax. New York's cliff provision can result in taxation of the entire estate, not just the excess over the exemption.
SALT Cap Strategy
The $10,000 federal deduction cap on state and local taxes changes the calculus for families with significant property holdings. Florida's no-income-tax position offsets the property tax exposure.
Qualified Charitable Distributions
$105,000 per year directly from IRA to qualifying charity. Excluded from taxable income. Satisfies RMD requirements. Ideal for charitable families 70½ and older.
Common Questions About Tax Planning in Boca Raton
The savings depend on your specific income level and composition. New York's top marginal state income tax rate is 10.9% (plus New York City's 3.876% for city residents). A family with $1M in annual income relocating from New York City could retain approximately $140,000+ per year in combined state and city income tax savings. Over a 20-year retirement, that compounds significantly. Additionally, eliminating New York's estate tax (which can reach 16% of the entire estate for estates exceeding the cliff threshold) provides further benefit. These are illustrative estimates; your actual savings depend on your income sources, deductions, and compliance with residency rules. Your FinancialTeam models your specific situation. Learn more about financial planning
Save Our Homes limits annual increases in assessed value to 3% or CPI (whichever is lower). When you purchase a property, assessed value resets to the purchase price (market value). A family buying a $5M home in 2026 will pay property tax on a $5M assessed value. A long-term homeowner who bought the same home for $2M a decade ago may be paying tax on an assessed value of $2.5M to $2.8M. Over time, the SOH cap creates significant savings for long-term owners. Up to $500,000 of accumulated SOH benefit can be transferred to a new Florida homestead within two years through portability. Your financial plan models these dynamics.
The Tax Cuts and Jobs Act caps the federal deduction for state and local taxes (SALT) at $10,000. For Boca Raton families with $50K+ in annual property tax, this means the vast majority of property tax is not deductible. However, the elimination of state income tax in Florida means your total state and local tax burden is likely lower than in most Northeastern states, even with the SALT cap. The net effect depends on your former state's income tax rate versus Florida's property tax on your specific home. Your FinancialTeam models both scenarios.
Qualified Charitable Distributions allow individuals aged 70½ or older to distribute up to $105,000 per year directly from an IRA to a qualifying public charity. The distribution is excluded from taxable income (unlike a regular IRA withdrawal), counts toward your Required Minimum Distribution if applicable, and supports the charitable organizations you value. For Boca families who would make charitable gifts regardless, QCDs convert what would be a taxable withdrawal into a tax-free charitable transfer. QCDs cannot be made to donor-advised funds or private foundations. Your FinancialTeam coordinates QCD timing with your overall tax and RMD strategy. Learn more about tax planning
Yes. Estate plans drafted in other states often contain provisions designed around that state's estate tax exemption, credit shelter trust formulas, or state-specific trust structures. Florida has no state estate tax, which may make some of these provisions unnecessary or suboptimal. Additionally, Florida has specific requirements around homestead, elective share, and trust administration that your Northern documents may not address. Your FinancialTeam coordinates a review with a Florida estate attorney. Learn more about trust and estate planning