Thinking about moving to another state in retirement? Don’t forget about taxes
Posted Jun 05, 2019
If you’re thinking about relocating to another state in retirement, consider the impact of state and local taxes. It may seem like a state with no income tax is a smart choice, but you also have to factor in property and sales taxes, as well as any state estate tax. If you make a move to a new state and want to escape taxes in the state you came from, it’s important to establish legal domicile in the new location. How? Take steps such as buying a new home, changing your mailing address, registering to vote and getting a driver’s license in the new state. Before deciding where to live in retirement, do some research and contact us. We can help you avoid unpleasant tax surprises.