Just Moved to a New State? Here’s Your Financial To-Do List

Summary

Moving to a new state is exciting, but it comes with plenty of financial considerations you may not expect. Beyond the boxes and movers, it’s important to plan ahead so you don’t face surprises after the fact.

Legal and Government To-Dos

Start with the basics: update your driver’s license and vehicle registration (typically within 30–90 days), register to vote, and change your address with USPS. Don’t forget to update your accounts, brokerage firms, and retirement accounts to ensure sensitive mail doesn’t end up at your old address.

Insurance Adjustments

Auto insurance, homeowner’s or renter’s insurance, health insurance, and even life and disability coverage may change depending on your new location. Notify your carriers within the required timeframe (usually 30–60 days), and research how your costs may shift with the move.

Taxes and Withholding

Taxes are often overlooked until it’s too late. Make sure you:

• Update your employer with your new state for tax withholding.

• Understand whether you’ll need to file partial-year returns in both states.

• Check the new state’s income tax rates before moving, high tax states like California or New York may significantly change your financial picture.

• Remember: state sales tax may offset “no income tax” states.

Employment and Licenses

If you’re changing jobs, HR will help with onboarding, but remote workers still need to notify HR about withholding updates. Professionals with licenses, such as CPAs, doctors, or attorneys, may need to re-register or meet new state requirements.

Retirement Accounts and 529 Plans

Moving can affect retirement savings decisions. Consider consolidating old 401(k)s, evaluating Roth vs. pre-tax contributions, and reviewing your 529 college savings plan for state-specific tax benefits.

Estate Planning and Legal Documents

Each state has unique estate and probate rules. Update your will, power of attorney, and medical directives to match local requirements. If you own property in multiple states, setting up a trust may help avoid probate complications.

Banking and Financial Accounts

Update your address with all financial institutions. If you rely on local banking services, research branch availability. While online banking makes things easier, certain transactions, like notarizations or medallion signature guarantees still require in-person visits.

Big-Picture Planning

Before relocating, talk with your financial advisor about the cost of living, tax rates, and long-term financial implications. Advisors who work nationally can guide you through state-specific nuances and help ensure your move supports your financial goals.

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