Living in a low-tax state can bring savings that add up to a small fortune over time — and clients living in high-tax states may want to consider a move to low-tax paradises like Florida or Texas. Advisors should help their clients choose a state that makes sense and prepare to document every step of the move.

Before a move takes place, however, consider both one-time and recurring costs. Help your clients evaluate their income potential and the cost of living in their new state by using estimates specific to their lifestyle. This will require looking beyond general cost-of-living metrics.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access