Texas is one of the top tax havens for retirees, according to New York Estate Lawyers.
New York Estate Lawyers have discovered since Texas has no state personal income tax and a low 6.25 percent sales tax (which local taxes can raise up to 8.25 percent), it is a popular place for people looking to avoid taxes. Homeowners 65 or older can exempt $10,000 of the property’s value from school taxes and $3,000 is exempt from other local taxes. This doesn’t even count the standard $15,000 homestead exemption that all homeowners get in that state.
There is also no inheritance tax in the state, and the estate tax is limited to federal estate-tax collections. There are number of other states that qualify as retiree havens when it comes to taxes, including Washington, Florida, Nevada, Colorado, South Dakota, Tennessee, and New Hampshire.
The impending change (or lack of change) to the tax law has everyone worried or at least unsure about the future, when it comes to financial matters. There will likely be a change in tax law come January for at least some segment of the population, which is why a New York Estate Lawyer is so important. There’s no need to travel to another state, because the law, no matter what it is, can usually be made to work in the favor of those who have spent their entire lives earning what they have – especially if they want to have something to pass down to their heirs.
If you or a loved one is having trouble with the tangle of tax laws, a New York Estate Attorney is ready to assist you. You want to avoid all the legal troubles that come with money, or at least make them less problematic. Your best possible ally in that endeavor is a New York Estate Attorney.