Maintain a home in your new state – preferably one you own – and live in it as much of the year as possible.
Apply for a driver’s license in your new state, and register your cars there.
Downsize to a smaller home in your former state or do not maintain a home there.
Declare your new state to be your residence when renewing your passport.
To the extent possible, unless your liability for taxes will be increased significantly thereby, have your earned income paid to you by entities located outside of your former state.
Execute a new will and revocable trust, if applicable, in which you recite that you reside in your new 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.
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).
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.
If not retired, do as much of your work in your new state and as little in your former state as possible.
File income tax returns each year (if required) for your new state.
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.
Register to vote in your new state, and – most importantly – DO vote there.
Notify all parties of your address change and request that mail no longer be sent to your former address.
We recommend consulting with your own independent legal council and tax advisers, but the following tips can get you thinking about the process.
Christy and Garth approach every transaction with the intention of meeting and exceeding your expectations. They search for the unexpected and strive for perfection. Contact us today!