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.
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