Questions to Guide Your Move to a New State

Posted April 14, 2023 in Estate by Ashleigh King

As state tax codes are in flux, many people are newly contemplating an interstate move or reevaluating which home is the most appropriate primary residence.

Whether you are motivated to support your lifestyle, financial goals or career, a successful move requires thorough planning to navigate tax, estate and other financial complexities.

The more complex your finances are, the more nuance is likely to be found in the details of your move. Insurance, taxes and estate planning all vary among states; being proactive about the details can help maximize the advantages of your move while helping you avoid unpleasant surprises.

Download Northern Trust’s checklist to understand important considerations to assess with your advisor, including:

State income tax structures: Whether or not tax planning is the primary driver of your move, it is critical to work with your advisors to navigate the tax codes of your former and destination states to avoid an unexpected tax bill.

Needs, risks and plans: Consider the banking, insurance and investment needs you will have in your new state and what changes you will need to make. Financial services professionals across these key fields can help identify needs, mitigate risks and plan for the future.

Avoiding surprises: Estate-planning laws vary among states; seeking counsel from attorneys, accountants and advisors in both jurisdictions before your move can help prevent outdated documents from diverging from your intentions. A stress test for your estate plan can help protect you and your family by identifying potential weaknesses.

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