New Research Released, The Best States to Retire in From a Tax Perspective

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Michael C. Foltz and Anthony A. Dinverno of Balasa Dinverno Foltz LLC, (BDF) recently released newly compiled research on The Best States to Retire in From a Tax Perspective.

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This study is unlike any other and examines the best states to retire in from an overall tax standpoint by ranking all 50 states’ tax friendliness, including state income, estate, inheritance, real estate, gift, and sales taxes. The data and analysis from this study outlines which states represent potentially the lowest cost to a family or individual’s wealth based on their certain circumstances.

The study was compiled by examining each state and incorporating various taxes that affect high net worth individuals, including income, sales, real estate, and estate taxes. Additionally, the income tax category was broken down into sub-groups, W-2, capital gains, interest, dividends, IRA, Pension and Social Security. From those categories, each jurisdiction was ranked in order from 1 to 52 in each tax category, with 1 being the top score.

Wyoming, Alaska, and South Dakota, are among the best overall states in which to retire, while Minnesota, Vermont, and New Jersey are among the worst for high income and high net worth individuals.

“Over the next 16 years, the largest generation of individuals, more than 78 million Baby Boomers, will be reaching retirement age. For business owners and high net worth individuals, planning is critical. While many retirees plan for federal estate taxes, they don’t often think about the impact state taxes will have on their overall wealth. State taxes are the new focus in estate planning. Everyone is subject to the same federal rules, but the tax system in each of the fifty states and Washington DC is different.” Mike Foltz, Principal at BDF.

“Each individual’s type and amount of assets can generate widely different results in different states. As business owners and high net worth individuals think about retirement, consideration should be given to which state they plan to retire.” Mike Foltz

A full copy of the research can be found at:

About Balasa Dinverno Foltz, LLC
Balasa Dinverno Foltz LLC, (BDF) is an independent private wealth management firm with offices in Chicago and Itasca, IL. We manage approximately $2.5 billion in assets for high net worth individuals and families. With dedicated service teams for business owners and women, our expansive team of wealth managers and specialized experts provide a unique ability to navigate complexities ranging from succession planning to successfully guiding women through life’s major events. BDF maintains a 98% client retention rate and is nationally ranked as a Best Places to Work and top advisory firm.

For more information about Balasa Dinverno Foltz LLC and to stay connected with us, please visit our Website:

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