Want to move to Wyoming and set up residency here? We recommend consulting with your own independent legal council and tax advisers, but the follow tips can get you thinking about the process.
We recommend consulting with your own independent legal council and tax advisers, but the follow tips can get you thinking about the process.
- Maintain a home in your new state – preferably one you own – and live in it as much of the year as possible.
- Downsize to a smaller home in your former state or do not maintain a home there.
- To the extent possible, unless you liability for taxes will be increased significantly thereby, have your earned income paid to you by entities located outside of your former state.
- File a final income tax return for your former state and subsequently cease filing returns for that state or, if you are required to pay tax to your former state, file only non-resident returns.
- Give your address in your new state on all tax returns; file your federal returns with the appropriate Internal Revenue Service Center for your new state.
- File income tax returns each year (if required) for your new state.
- Register to vote in your new state, and – most importantly – DO vote there.
- Apply for a driver’s license in your new state, and register your cars there.
- Declare your new state to be your residence when renewing your passport.
- Execute a new will and revocable trust, if applicable, in which you recite that you reside in your new state.
- Move your important personal possessions to your new state including your art, stamp, antique and coin collections, if any; your personal records and mementos; your securities and other intangibles (e.g., promissory notes).
- If not retired, do as much of your work in your new state and as little in your former state as possible.
- Move as many as possible of your personal bank accounts to banks in your new state. If you cannot move all of your accounts, notify your banks of your new permanent address.
- Notify all parties of your address change and request that mail no longer be sent to your former address.