The sunshine and palm trees are not the only reasons that individuals are leaving their home states of New York, New Jersey and Connecticut. The unyielding lower taxes are drawing more and more people to migrate South…for good.
- Florida received more movers than any other state last year, at 566,476 people, according to data from the U.S. Census Bureau.
- Estate tax rates in New York range from 3.06% to a high of 16% and the exclusion amount is reduced to $5.74 million versus the federal exclusion allowance rate a $11.58 million.
- Florida has no estate tax.
Besides Florida having no state income tax, the Tax Cuts and Jobs Act (TCJA) has changed the state income tax game, making the tax implications for higher-income individuals substantial.
While relocating to another state may either be a personal or business decision, having the correct plan to protect your assets is vital. We can show you how to minimize tax exposure and maximize your legacy to ensure that you and your heirs receive everything that you have worked so hard to provide for them.