Here at Savant, we have many clients who live in Illinois for half the year and Florida for the other half. Often we are asked, “Can I change my residency to Florida to avoid Illinois state tax?” The answer is usually, “It depends.” So what does it really depend on? The State of Illinois looks at many different items to determine this, but the main ones are domicile, time spent in each state, and past court cases.
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When I first learned to drive, my father taught me how to jump start a car. When attaching the jumper cables, he instructed, always match the positive cable to the positive side, and the negative cable to the negative side. Failure to align the charge could result in serious damage to the car and a shower of sparks. The same can be said when designing your estate plan. Once your estate plan is properly drafted and signed, it is imperativeRead More
Tax day has just passed and most of us have recently filed our 2015 tax returns. Now is the perfect time to take inventory of your tax situation and make sure you are fully utilizing opportunities to minimize your 2016 tax bill next April. Proactive planning and good recordkeeping now can go a long way in helping reduce your future tax burden.
Congress recently made permanent and extended several important tax breaks as part of the PATH (Protecting Americans from TaxRead More
This week, after years of debate and commentary, the Labor Department issued regulations requiring advisors to act as “fiduciaries” when they work with individuals to manage retirement accounts. This is one of those changes that most people will scratch their head and say, “Wasn’t that the way it was already?” No, it was not. For decades, many in the financial services industry have been held to a “suitability” standard, meaning if there was ever a disagreement about how they managedRead More
I earned my undergraduate degree in the late 1990s, a time that was truly fascinating to be taking classes in Investments. Alan Greenspan’s ominous warning of “irrational exuberance” was already fading to distant memory, and I remember one of my professors teaching us about the “New Economy” and openly questioning – in all seriousness – whether the United States would ever have another recession. The thesis was that the Federal Reserve may have become so good at feathering the monetaryRead More