Moving to a Tax-Friendly State

Click the play button to hear the episode or skip around to certain topics!

When should you consider moving to another state? Sometimes tax benefits may be a motivator when making this decision. Don talks about the tax ramifications when living in certain states.

The Story:

When should you consider moving to another state? Sometimes tax benefits may be a motivator when making this decision. Don talks about the tax ramifications when living in certain states.

Click play to listen to the episode…

The Show:

The pandemic has brought some new priorities into focus. Many people have decided to move from one state to another, especially as remote work becomes more of an option. From suburbs and beach towns or simply, better places to retire people are considering what’s best. What states are more tax friendly to live in?

New Jersey happens to be number one when it comes to lifetime total taxes paid. The average New Jersey resident will pay around $930,000 in taxes according to the Bureau of Labor and Statistics. The tax and political environment of a state may cause people to move or at least consider moving.

What taxes do you have based on your state? Property taxes, income taxes, and estate taxes all factor into what you pay each year. Don talks through what you usually pay and how the state government can have an impact on that. The higher your income, often the higher your taxes.

Florida often appeals to retirees, based on both the weather and the tax rates. Texas and Arizona are also popular choices. Before you make a major move like this, you’ll want to work with an advisor to see what makes sense financially. Do you have a coordinated approach between your financial plan, tax plan, and estate plan? It’s important to look at the full picture when planning, including when considering a move.

Download the PDF: 10 Things to Consider Before Moving to Another State

Listen to the entire episode or skip ahead using the timestamps below.

0:48 – School’s coming to an end!

2:22 – The pandemic has changed the way people do things.

4:19 – New Jersey is number one in lifetime total taxes paid.

6:52 – Why are people leaving certain states?

14:55 – Why does Florida appeal to retirees?

18:40 – It’s important to work with an advisor.

 

Resources Mentioned on the Show:

Wikipedia: State Tax Levels

Bloomberg: New Jersey Residents Will Pay Most in Taxes Over a Lifetime

 

Subscribe To The Podcast:

Additional Resources:

Phone: (732) 784-2867

Email: don@donaldcash.com

Website: http://www.donaldcash.com/

About Don:

Donald W. Cash – CPA, CFP® is an independent advisor. Don began his career in 1985 as an accountant after graduating Rutgers University. In 1990 he entered the field of Estate Planning with a concentration in long term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs. He advocates a holistic approach to Estate and Financial Planning as has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers. Don is married to Cathy and have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

Share the Show, Share the Knowledge!

Share on facebook
Facebook
Share on linkedin
LinkedIn
Share on email
Email

ABOUT YOUR HOST...

Donald W. Cash – CPA, CFP®, is an independent advisor. After graduating from Rutgers University, he began his career in 1985 as an accountant. In 1990, he entered the field of Estate Planning, concentrating on long-term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs.

Don advocates for a holistic approach to Estate and Financial Planning and has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers.

He is married to Cathy and they have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

Don't Stop Here...

The Season of Giving

Giving Tuesday was this week and we are entering the most charitable time of the year. What do you need to know about charitable giving and taxes?

Inflation, Infrastructure, and Medicare Increases in 2022

Inflation! We are seeing it everywhere. From the gas we buy to our Thanksgiving turkeys, prices seem to be going up everywhere. How does this affect Medicare? Well, you’ll probably be paying more on premiums. Will the infrastructure bill make inflation worse? That remains to be seen but you should stay vigilant. We will discuss these issues and how they impact you on today’s show.

The ABC’s of Medicare

It is open enrollment season for Medicare! On today’s show, we are going to discuss Medicare with expert Ray Martin. We will be covering the different types of plans, premiums, and tips you should be aware of as you reach age 65 and beyond.

No more posts to show

WAYS TO CONTACT

(732) 784-2867

don@donaldcash.com