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August 2019
August 2019 Client Profile
Jean and Bill are snowbirds who spend half the winter in a Sunbelt state. They heard that they can establish their residency in that state and pay lower taxes because the warmer state has no income tax. How do they establish residency?
Where they live most of the year may be a key requirement of residency, but Jean and Bill should keep a record of where they are each day in case tax authorities question it. In some states, simply spending most of the year there may not be enough.
Jean and Bill may need to complete and sign a declaration of domicile, or residency, in their state of choice. They should also consider changing their address in all areas of their lives, from Social Security and Medicare to life insurance policies, retirement plans and even voting and car registrations.
Before they make a permanent move, they should reconsider how much taxes play a role in where they want to live. Then they should consider what states tax. Retirement income, real estate, estates and even everyday items they buy contribute to a total tax picture.
Client Profile is based on a hypothetical situation. The solutions discussed here may or may not be appropriate for you.
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