Five Things For Clients To Consider When Moving To A New State

Like any major life decision, a client's decision to uproot themselves (and potentially their family) and move from one state to another isn't an easy one. Although laws, taxes and climate are the primary focus, there could be many more considerations depending on your client's family's needs and desires. Whatever the reason, it's important to provide clients with as much information as possible as to the "why" and the "how" when it comes to leaving one jurisdiction for another.

Here are five considerations for client's contemplating making a move.

1.The Current Landscape and Domicile vs. Residency.

Before moving, clients need to distinguish between state factors and federal standards across jurisdictions. Every U.S. citizen living domestically starts at the same point, with an estate tax exemption of $12.06 million (in 2022). Every dollar a client has in their estate over that amount is taxed at a 40% rate. Married couples have double this amount and have