Monday, May 22, 2006

Relocating to Washington? Consider the Tax Climate.

"Considering moving to another state for work or retirement? It pays to consider how state taxes will affect your income -- and your heirs…

'The tax savings [from relocating] can be substantial when you factor in both income and estate taxes,’ says Sam Petrucci, vice president in the client advisory group at Credit Suisse Private Banking USA in New York.”

As the article, available on the Real Estate Journal (click here), points out, this is especially important for Americans over the age of 55. Knowing how much you're going to be taxed is an "important part of planning for retirement and for transferring assets to the next generation." It will give you the upper hand in planning ahead and calculating what you need to have a comfortable retirement.

There are other factors to consider, of course, like quality of life, overall cost of living and climate.