Interstate Relocation Checklist

Interstate relocation is a significant, nuanced and potentially exciting decision.

Indeed, with work-from-home/work-from-anywhere dynamics evolving rapidly and state tax codes in flux, many who had not previously contemplated an interstate move are now considering the possibility.

Whether one is motivated to move to a new state for personal/lifestyle, career or financial reasons, interstate moves require thorough planning to successfully navigate tax, estate and other financial complexities. While the following checklist of considerations is not exhaustive, it is indicative of the types of steps you should consider undertaking and decisions to assess with your trusted advisors.

Consider Banking, Investment and Insurance Needs

Partner with key financial services professionals to identify needs, mitigate risks and plan for the future.

• Analyze the college savings 529 plan in your destination state, and whether contributions are deductible and investment options are favorable.
• Purchase home insurance right away, along with adequate personal and casualty insurance. If your destination state is in a region that experiences severe weather conditions, ask your agent about the cost of coverage for natural disasters that are not included in a standard policy to ensure your family is protected.
• Determine whether you will be eligible for your existing healthcare plan in your destination state. Moving is considered a qualifying event, permitting you to start a new healthcare application after open enrollment has ended. Make certain to obtain healthcare coverage to avoid a lapse in coverage.
• Understand healthcare options for preventative and specialized care. Determine whether your preferred physician is a member of your network, research concierge care and explore virtual telemedicine options.

Evaluate State Income Tax Structures