Consider This Program with host Joe Clark, CFP and co-host Angi Kinser In this segment, we will cover: Determining your domicile is difficult. There are versions of things that matter, but that is not always a guarantee. For a state to become your domicile, you must be in that state for a certain number of days. The number of days you spend in the state does matter. Maintaining your domicile is not as difficult as changing your domicile. All the states want you to live there. When you spend nine months in Florida, that does not mean you can simply declare your domicile is in Florida. It doesn’t work like that! All states have to have revenue. What you really want to do is find out which state will provide you with the best tax opportunity.
The IRS doesn’t care where you live; the state cares where you live. An average American won’t have a lot of issues. If someone is paying over $1,000,000 to a state government and then they pick up and go, the state will care. Some states will continue to tax you when you leave that state. From a political standpoint, it’s going to be interesting how they change the tax code. Schedule your complimentary
Next Steps meeting today! www.yourlifeafterwork.com 800-928-4001