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Why a holistic wealth management plan in Tampa, FL, may look different than other parts of the country

Written by V. Raymond Ferrara, CFP®

On April 2, 2022

How do you know if your wealth management plan is on track? Your retirement goals, investments and managing your small business should all be a part of your plan. However, not everyone’s plan will look the same. This is true even for people who have the same income and have invested their money in similar ways. They may find that the management strategies that work for one of them may not be the best for another. 

Many factors can impact the effectiveness of your wealth management plan, one of the most important being where you live. Many investors are shocked after a move when they realize just how much your location can affect your wealth management plan. If you are a new resident of the Tampa, Florida, area or are considering becoming one, it is important to learn ahead of time how your new place of residence may impact your finances.

How will living in the Tampa area affect my wealth management plan?

Here are a few of the ways your plan may look different in Tampa than in other parts of the country:

1.Property taxes — Tampa is located in Hillsborough County, Florida, which boasts a property tax rate of 1.09%. This is one of the highest median property tax rates in the country. Florida as a whole has a rate of 0.89%, the 24th most expensive rate out of all 50 states.

If real estate is going to make up a large portion of your investment strategy, this is an important factor to remember. However, Florida does offer certain property tax breaks for adults over age 65 and for those who are disabled.

2. Estate taxes — Florida is one of the 38 states that does not have an estate tax or inheritance tax. It used to, but it was repealed in 2004, and the state’s constitution prohibits it from being reinstated. This is good news for investors who have already begun estate planning.

3. Personal income tax — The state of Florida does not have a personal income tax. However, if your small business is structured as a corporation, it may be subject to Florida’s corporate tax. As of January 1, 2022, some corporations in Florida pay a tax of 5.5% on their earnings.

How can I prepare for my financial future after my move to the Tampa area?

If you are ready to make the move to the sunny Tampa area but you are not sure that your finances are, then turn to the CERTIFIED FINANCIAL PLANNER™ professionals at ProVise Management Group. We are a nationally recognized financial planning and investment management firm with offices in Tampa and Clearwater, Florida.

Our wealth management services are among many that we offer prospective clients. We have decades of experience in helping clients make financial decisions so they can have a better opportunity to achieve their goals. We can help to ensure that your comprehensive wealth management plan will have a sunny outlook.

Talk to a ProVise CFP® professional about your wealth management plan

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about preparing for your move? Contact ProVise today to schedule a complimentary consultation.

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