With the federal framework in mind, consider that each state has its own rules regarding income tax rate and estate tax (exemption amount and rate). Married couples have double this amount and have "portability" options - one spouse's unused exemption can be "ported" over for the other spouse to use. Every dollar you have in your estate over that amount is taxed at a 40 percent rate. Every US citizen living domestically starts at the same point, with an estate tax exemption of $12.06 million (In 2022 - this number is expected to increase to approximately $12.9 million in 2023, but is set to sunset in 2026 to $5 million, adjusted for inflation). residencyīefore moving, distinguish between state factors and federal standards across jurisdictions. Katten's recent Private Wealth Seminar addressed change-in-domicile planning and covered five things to think about when making a move.ġ) Why move? The current landscape and domicile vs. Whatever the reason, it is important to have as much information as possible available as to the "why" and the "how" when it comes to leaving one jurisdiction for another. Although laws, taxes and climate are our focus, there could be many more things to think about, depending on your family's needs and desires. Is the grass always greener on the other side? Like any major life decision, deciding to uproot yourself (and potentially your family) and move from one state to another is not an easy decision.
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