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BSMG Blog: Protecting the Future of Families and Businesses

Requirements to Change State of Residency

It’s Not as Easy as You Think...

Wealthy clients from high tax states will often consider moving to a lower taxed state to save taxes. These taxes may involve state income taxes and state estate taxes. You may have heard  people say “If I live for more than 180 days in a particular state, then my residence has been changed for state taxes”. This statement has a small degree of truth to it, but it is far from accurate.

The first tax to talk about are state income taxes on retirement benefits. Then, we’ll talk about state estate taxes. Finally, we’ll enumerate the hurdles to jump over when thinking about changing legal residence from the current state of residence to a new state of residence.

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[On-Demand Webinar] How will the Current Administration Effect the Life Insurance Industry?


What are the potential effects the current administration could have on your business and the U.S. Economy? 

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Taxes on Retirees State by State

Have you ever wondered how your state stacks up against others when it comes to taxes on retirees. We found this great interactive map by kplinger.com that shows you how the states compare. 

This detailed map lays out taxes on retirement income, property, purchases and tax breaks. Check out some of the stats we found below. 

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3 Major Trends Pushing Advisors to Employ Innovative Tax Strategies

Here are the three major trends our advisors are experiencing this tax season.

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