Domiciling in Florida or another warmer climate can improve your tax situation and your tan. Just make sure you know the rules well before packing your bags.
- Illinois weather is not kind to residents in winter, and the state of Illinois is not kind to residents who pass away within its borders—at any time of year.
- If you have property in Florida, Texas, Nevada or other states without a “death tax,” consider making that state your domicile.
- Many tax-friendly states are in warmer climates, but estate tax rates and the rules about domiciling are complicated. Don’t make a move without seeking expert counsel first.
Gary Klaben and John Dragstrem discuss important changes to Social Security you can’t afford to ignore
- New legislation will soon put an end to the popular “file and suspend” and “restricted application” strategies for maximizing your Social Security benefits.
- After April 30, 2016, you can still collect, delay and reap retirement credits. But the benefits to the spouses, once you suspend, will no longer exist.
- If you’re at least 66 and have not filed for Social Security benefits, you have about 5 more months to take advantage of the file-and-suspend feature within Social Security.
- Social Security Graphic