Changing State of residence to Texas ???

pawatt wrote:
We are thinking of changing our state of residence from Minnesota to Texas. Primarily because there is no State income tax in Texas. Who has done this & what was the process. We own Real Estate in Texas and currently spend 6 months in Texas. We will still have Real Estate in MN as well. Tips, suggestions, warnings, advice all appreciated. Drawbacks to being a Texas resident? Insurance issues? Drivers lic & registration process? Do we register the car we leave in MN in MN?
THANKS Ron

First of all you will have to pick one place as your domicile. Uncle Sam won't let you live in more than one place.

And really do you homework on ALL the taxes within a state. If they don't have one tax or real low tax they DO make up for it in other areas.

Like TN has real low property taxes etc, but their sales tax is 10%!

http://taxes.about.com/od/statetaxes/a/Best-States-for-Retirees.htm

http://taxes.about.com/od/statetaxes/a/tax-free-states.htm

http://retirementliving.com/RLtaxes.html

If you are close to retirement it is 'really' important to look at what the state you chose taxes for retirement income also.