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.
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