If you are moving, own homes in more than one state, or are considering making your second home your primary residence, here is a list of steps that should be taken to strengthen your claim of residency in a different state:
- A declaration of domicile should be filed with the Clerk of the Circuit Court in the county of the desired state of residency.
- The desired state of residency should be declared as the place of domicile on all documents containing an indication of residence, such as passports, contracts, deeds, leases, credit applications and hotel registrations.
- Direct all income such as interest and dividend checks or other payments to your address in the new state of residency.
- The driver’s license in the current state of residence should be surrendered, and a driver’s license should be obtained in the new state of residency.
- Registration of motor vehicles should be transferred to the new state of residency.
- Personal checking and savings accounts should be transferred to the new state of residency.
- Any social and religious organizations should be notified of the change of address; nonresident memberships should be obtained in the current state of residency and the address of the new state of residency should be used in membership directories.
- A safety deposit box should be registered in the new state of residency and some of the items should be moved there.
- Register to vote in the new state of residency and remove your name from the voting rolls in the current state of residency.
- Federal income tax returns should serve as evidence of the address in the new state of residency.
- File intangible tax returns in the new state of residency, if applicable.
- Your Will should be revised to reflect the new state of residency as the state of domicile.
- A claim should be made for homestead exemption from real property taxes for the new state of residency.
- The change of address should be furnished to all creditors.
- The change of address should be reflected in all insurance policies and other important documents.
You should contact an attorney or C.P.A. in the state to which you are moving for more information and further suggestions. For more information on this topic, please contact Henssler Financial at 770-429-9166 or experts@henssler.com.
Disclosures:
This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
