Weather terrorists?
Good point, but that will be someone else's problem. I plan to be dead when it is due.Both states have an estate tax... Suggest you make that calculation and include it on your list of things to consider.
ETA: Here is Oregon's chart. https://pnwprobate.com/portland-estate-planning-blog/2018/1/18/2018-oregon-estate-tax-rates
And Washington's, which is a bit more generous. https://dor.wa.gov/find-taxes-rates/other-taxes/estate-tax-tables
Weather terrorists?
Weather terrorists?
What I would like to see is how much these proposed moves are driven out of necessity? If you have enough and are happy, why try to sub-optimize? I know friends who have moved for COL and are moving back for lifestyle. It was costly but proved to them that there is no free lunch.We're moving from a low COL state (109.4 vs 100 US avg) to a moderate COL state (122.5). Costs are important, but not everything - we're looking forward to a better climate, closer to the coast, more amenities, a nicer house and we just need a change (we've been in the same place for WAY too long). And COL numbers are largely driven by housing costs, and it's not hard to downsize a little to avoid some of the hit.
And you have to look at ALL taxes and fees to really know how a move will affect you. No income taxes usually means higher property taxes, personal property taxes, sales tax, gasoline taxes, impact fees and/or other taxes and fees. My Dad lived in TX with no state income taxes, but property taxes and sales taxes were relatively high...
Weather terrorists?
Mother Earth I suppose.
More like over-hype'd we gotta make the weather interesting drama queens.
Named winter storms?
"Bomb cyclones"?
"Lets find a ditch to stand in so the water is up to the on scene newscasters chest"
Overall if I were planning to move, I would very likely avoid a 4th floor walkup. But these issues are not always absolute, and walking up the stairs will contribute to the average person's fitness.Foolishly they bought a 2 story house so they cannot age in place and are in their 60’s.
You probably know this, but Oregon and Washington west of the Cascades are cool and wet in winter, but almost never cold. I have a down jacket from years ago, but rarely wear it in the city.Winter weather and estate taxes is what keeps us from leaping over to the Pacific Northwest.
You must be kidding!
The tax advantage would have to be very substantial and certainly not the only reason I would move. Lifestyle choices trump all other factors as long as I can afford the option. I am just finishing up my third Key West stay for the winter. Great to be here but there's no way I would move here. Anyway the zero income tax rate would only save me a few hotel nights $$ or barely touch housing costs. The beauty of FIRE is going where you want when you want.
The ultimate factor is that DW would not leave the GK's for any long period. Period. End of discussion. And I secretly feel the same.
I know friends who have moved for COL and are moving back for lifestyle. It was costly but proved to them that there is no free lunch.
Our retirement income seems to be nowhere near as robust as many here, but in Michigan income taxes for us don't seem to bad. SS is exempt, as is military and RR pensions.
Using what I estimate our income will be when I start taking SS and start a small pension, our tax load of 4.25% is about $2000 per year.
Until about 8 years ago there was no tax on pension income. The present Gov claims that she wants to change the tax law back.
We like it here so it really doesn't matter. Besides someday when water is scarce-- us northern great lakes states are gonna own the country.
Exactly. I'm sure you remember this:More like over-hype'd we gotta make the weather interesting drama queens.
Named winter storms?
"Bomb cyclones"?
"Lets find a ditch to stand in so the water is up to the on scene newscasters chest"