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