Where we work
Planning for Florida executives and physicians
Florida has no individual income tax, which changes the arithmetic on almost every timing decision in this list.
Context
Who we work with in Florida
Florida clients fall into two groups, and the planning is different for each.
The first group has been here a long time. For them, the absence of a state income tax is simply the background: worth using deliberately when deciding which year to realize a gain, convert to Roth, or take a deferred comp distribution.
The second group moved here, often from a high-tax state, and sometimes recently. That is where the real complexity sits. Residency has to be established properly rather than assumed. Equity income earned while you lived somewhere else may still be sourced to that state when it vests. Getting this wrong is expensive, and getting it right is largely a matter of documentation and sequencing.
What is different here
Planning considerations specific to this place
No individual income tax makes timing worth more
Choosing the year to sell equity, convert to Roth, or take a distribution matters more when the state layer is zero. It is one of the few places where a calendar decision alone changes the outcome meaningfully.
Residency has to be established, not assumed
If you moved from a high-tax state, that state may still take an interest. Where you spend your days, where your driver's license and voter registration sit, and where your professional life is centered all matter.
Equity income can still be sourced elsewhere
Options and RSUs earned while working in another state can remain taxable there when they vest or are exercised, even after you move. The sequencing around a relocation deserves real attention.
Hurricane exposure and property risk
Coverage costs, deductibles, and liquidity for a bad season belong in the plan. For clients with significant property here it is a recurring line item rather than an afterthought.
Coverage
Cities and metros across Florida
- Miami
- Fort Lauderdale
- West Palm Beach
- Naples
- Tampa
- St. Petersburg
- Sarasota
- Orlando
- Jacksonville
- Pensacola
- Destin
Who we help
Find your situation
- Where we start→
Medtech executives
Base, bonus, RSUs, options, maybe a deferred comp election you make every fall. Four moving parts, four different tax treatments, and no one looking at them together.
- Where we start→
Physicians & specialists
High income, a shorter runway, real exposure if you cannot practice, and less time than almost anyone to think about any of it.
- Where we start→
Business owners
Your balance sheet, your income, and your identity all point at the same asset. Planning has to start with that concentration rather than ignore it.
- Where we start→
Corporate executives & CFOs
Most of the CFOs we work with say the same thing with a smile: rigorous about the company's balance sheet, and running personal decisions on autopilot for years.
Straight answers
Working together in Florida
It removes one layer and makes the remaining ones matter more. Federal brackets, the additional Medicare tax, capital gains treatment, and Medicare premium surcharges in retirement all still apply. With no state tax to work around, the value of federal timing decisions such as which year to realize a gain or convert to Roth actually increases.
Two things. Establishing residency properly, which is a documentation exercise your former state may scrutinise. And understanding that equity compensation earned while you lived there can still be sourced to that state when it vests or is exercised. Both are best handled with your CPA before a vest date rather than after.
Yes. Florida is one of the states where registration is in place, and a number of current clients are there. The relationship runs over video and email, with the same review schedule as anyone else.
This material is for general educational purposes only and is not intended as tax, legal, or investment advice. Neither GGM Wealth Advisors nor Cambridge provides tax or legal advice. Please consult a qualified professional about your specific situation.
Let's start with a conversation
Bring whatever is on your mind: a vest date you are unsure about, an offer you are weighing, a business you might sell in three years. Nothing to prepare, no cost, and you will leave with something useful whether or not we end up working together.