Illinois Snowbirds Consider Flying Away From Rising Taxes

There are a lot of questions surrounding whether snowbirds and others can shift his or her residency to a lower or no tax state such as Florida, Nevada or Texas, while still maintaining a home in Illinois. However, in light of Illinois’ current economic state and future debt obligations, it is hard for many Illinois residents and businesses not to be skeptical that the latest lower tax rates in the state will stick.  In this article, the factors involved when it comes to changing one’s tax residency to a lower-tax state and its effect on estates and trusts whose decedents are domiciled in Illinois is discussed.