Is FL residency worth it?

[devans0]

On my Buck it list, I have some travelling planned. It begs the question, what if I am not in any state long enough for residency. For example, a few months in Mexico, Canada, Montana, and several other states that beckon.

Does that evade taxes to all states? State taxes are high enough that that could fund a retirement.

[trapperjohn]

Devans0, you may want to review an earlier post in this thread by MBSC. They posted a link to a story by a full time RV'er who traveled all over the country. She established FL residency very quickly. The story can be found at ://www.escapees.com/life-on-the-road/domicile-and-mail/getting-started/helpful-articles?view=entry&id=1125


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[mpeirce]

I doubt the OP would benefit much from making the change.

But I once worked with a guy that I had hired as a consultant. He was generally good to work with, but one day he up and disappeared. A few weeks later he called and explained what had happened: he held a noticeable interest in a company that had been slowing dying, but owned some interesting technology. He had just learned that it was being bought for a considerable sum, so he had moved himself to Nevada (from California) the day he get got wind of the deal. The fact that Nevada had no income tax and California had a substantial one motivated him. He saved a bundle.

[Markola]

All I know is, one tends to get what one pays for, with the happy exception of mutual fund fees. :-)

[H2ODude]

Quote:

Originally Posted by Markola All I know is, one tends to get what one pays for, with the happy exception of mutual fund fees. :-)

I tend to agree. Figure in quality of schools, parks, infrastructure, it all takes money. However, there are places where you have to wonder what they're doing with the revenue.

[45th Birthday]

Quote:

Originally Posted by Sunset I never considered that moving my brokerage account home address or my Bank home address would be affected in any way by the State I'm leaving. Can you explain how a State affects me leaving with my $$$$

I didn't mean this literally. I meant that if you are a large taxpayer in a state and suddenly stop paying, you will attract more attention than someone who doesn't pay as much.