{"id":9379,"date":"2020-09-16T14:17:24","date_gmt":"2020-09-16T18:17:24","guid":{"rendered":"https:\/\/yourlifeafterwork.com\/?p=9379"},"modified":"2020-09-16T14:17:24","modified_gmt":"2020-09-16T18:17:24","slug":"getting-out-of-dodge","status":"publish","type":"post","link":"https:\/\/yourlifeafterwork.com\/getting-out-of-dodge\/","title":{"rendered":"Getting Out Of Dodge"},"content":{"rendered":"
Presidential elections have long been accompanied by threats of \u201cI\u2019m leaving the country if this person or that person wins!\u201d The threats rarely result in action. The notion, however, does beg the question: Can you simply revoke your citizenship and leave the country? The technical term is \u201cExpatriation.\u201d Yes, you can leave, but it isn\u2019t as simple as you would think.<\/p>\n
The first step is to apply at the State Department and pay a mere processing fee of $2,350. Though changing your state residence also has a process, you certainly don\u2019t have to \u201capply\u201d to move – at least for now. California is looking at a plan to tax people for years after they leave the state.<\/p>\n
This is really all about taxes. In order to leave, you must prove you have been tax compliant for the last five years. Even though the federal estate tax laws currently allow for more than $11 million for a married couple, if you have more than $2,000,000 in assets, you will be taxed to expatriate.<\/p>\n