Residency Transition
Business owners, executives, and other individuals may contemplate a personal or business move or transition to another state or country for numerous reasons — improved quality of life, reduced cost of business, or decreased state taxes.
Moving, however, comes with complex decisions — both personal and financial — that have a major impact on your life, family, and business. Planning and analyzing goals ahead of a move is critical to your overall success and to avoid unintended financial consequences.
Develop and implement a tailored transition plan that holistically approaches the life changes you seek — and that works to mitigate audit risk, enhance quality of life, and preserve tax and financial benefits.
Strategic guidance for key financial considerations
If you pay sizeable income taxes, your state may make it difficult for you to leave. Explore where to move and why as states tax residents and businesses in different ways — some tax income or capital gains and some have an estate or inheritance tax.
Through thorough reviews, our professionals help you assess your income sources to understand financial implications when relocating.
How plans can help your decisions
Through planning, our professionals provide:
- Enhanced understanding of the personal and tax considerations influencing your transition
- Coordinated plans to help reduce risk arising from the transition
- Tailored, in-depth timelines to plan for your transition
- Long-term impact models for your family and estate plan
Factors to address
A well-executed residency transition requires a comprehensive review of many factors that impact your decision to move. Evaluate key priorities with insights from our professionals.
Transition considerations
- Quality-of-life
- Financial implications
- Estate planning: multigenerational and philanthropic
- Cost of doing business
- Potential sale of business or large liquidity event
- Business relocation or expansion
Residency determination
- Intent
- Physical presence
- Real estate
- Personal property
- Community and social ties
- Individualized considerations
How the process works
Residency transition takes time. Rushing the process can lead to missed opportunities or even negate the value of moving entirely.
Our advisors work with you to build a comprehensive plan that finds solutions for potential obstacles and helps achieve your goals.
Expansive tax and financial expertise
Hundreds of individuals and executives successfully developed and implemented transition plans with guidance from our private wealth practice.
Deeply immersed in the nuances of state and local tax jurisdictions across the country, our professionals can help you confidently navigate the tax implications of the places you live or conduct business.
Our professionals also recognize the many personal implications moving brings. Recommendations are customized to your unique needs, carefully matching individual and financial strategies.
Changing your residency from California: Considerations and alternatives
Considering a move from California? Learn the residency options, tax impacts and planning steps needed to align your goals with a new location.
Out-of-state residency transitions: Tax planning for individuals and trusts
Understand how state residency rules affect your taxes and explore planning strategies to manage exposure across multiple states.
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