By SJS Investment Services Senior Advisor Andrew Schaetzke, CFP®.
Especially since the start of the pandemic, many people have moved in order to live in a less expensive place, to have more space, or to have different pace of life.[1] Moving can be exciting, as it may allow you to experience something new. At the same time, there a lot of logistical details to account for when you move. Particularly if you move out of state, it can be easy to forget or not even know that you have to do something important.
To help you figure out what issues to consider if you move out of state, we provide the below resource. From this, you may come away with answers and action items for the following:
Do I need to distinguish between residency and domicile?
What agencies do I communicate with in order to update records?
Do I need to update my family’s estate planning documents?
Are there potential tax advantages or additional expenses (such as for Medicare) that I should be aware of?
If I move because of a job, are my moving expenses tax-deductible?
As always, we are here to help you evaluate your personal situation and help you figure out what you need to do when moving out of state. Please feel free to reach out to us if you have any questions.
Important Disclosure Information & Sources:
[1] “Americans Up and Moved During the Pandemic. Here’s Where They Went.“ Yan Wu & Luis Melgar, 11-May-2021, wsj.com.
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
Advisory services are provided by SJS Investment Services, a registered investment advisor with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal professional or tax professional for specific advice. This material has been prepared for informational purposes only.
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