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Saving with Steve
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Guests, Ruth King and Brad Galbraith

Saving with Steve with Steve Sexton

Guests, Ruth King and Brad Galbraith

Saving with Steve

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The Save With Steve Show, hosted by Steve Sexton will help you with ins and outs of money. We talk about financial issues that that could be costing you thousands of dollars and keeping you up at night.

We talk about “money”… tax reduction, saving more, how to spending less and get more, 401k’s, risk management, retirement, and everything under the sun that relates to you having a healthier happier relationship with money.

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Weekly Show
BBS Station 1
Tuesday
Starts
6:00 pm CT
Ends
6:55 pm CT
Show Transcript (automatic text 90% accurate)

everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place welcome to the saving with Steve show hosted by Steve Sexton the show will help you with the ins and outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up at night we talked about money tax reduction saving more spending less 401K risk management retirement and everything under the sun that relates to you having a healthier happy relationship with money now here is your host of saving with Steve Steve Sexton<br>do the same thing with Steve show where we talked about the kids announces money pretty much everything under the sun to release the you having a happier healthy relationship with money my name is Steve Sax and I want to thank you for joining us today on the saving with Steve show we're expanding overseas or show syndicated internationally now we have over 40000 listeners International and over 600,000 listeners in the u.s.a. we're definitely talking about money talk about keeping your money last year in the state of California was 663000 people moved out of the state of California the stage with the lower-middle income taxes the same thing happened to all high-tech States like New Jersey New York Illinois and there's more the reality is States like California don't want to lose your tax dollars and will do everything to keep your pain you're going to have to learn how to pass the state domicile test we have bragged Galbraith created a<br>change my domicile.com to help good folks like you you're right we're also going to be talking about the money moves you need to make before the end of the year to make sure you stay online for retirement and you know what we have the probability Master Ruth King here to share why every business needs to grow wealth in the pandemic gift pandemic still gone and yeah it's possible routes is going to share some great words of wisdom on how to grow your business your life and be more profitable this year in the mist of the pandemic she's got this really cool new book called simple rules for sustainable growth you're not going to want to miss it so what did I could do right now is I'd like to introduce you root King the probability Master Ruth welcome to the show thank you Steve I'm glad to be here I'm thrilled with that<br>okay so why should I listen so let me tell you why you should listen to Ruth Ruth is known as the profitability master has multiple Advanced degrees smart started a small business center and Georgia. Women how to start their own business last run TV channel<br> she's done a lot now she's also been a contributor to the Wall Street Journal Fox MSNBC as well as others most important she learned from business failures she learned some business successes Ruth is unbelievably passionate successful in helping small businesses small business owners get profitable and stay profitable Ruth has his new book called profit and wealth simple rules for sustaining your business grow now the reason why I think we're real lucky to have Ruth is because you know what to do with her for decades but with four decades you have failures and you'll learn from them and she's been able to help other people learn from her failures so they can be successful and be successful faster so for that I'm grateful for the that your roots my pleasure my dad always said it was better to learn from the mistakes of others so that you didn't make them and I've had them I have my clients have had them and I keep sticking<br> this is what happens when this happened and so you right I got four decades I'm talking about that with a lot of cash flow issues I like the way you said don't do this it's like a little kids stick in the pin into the socket inspired you to write profit and well well well guess what I was totally wrong because there's so many people at their get possible they could have to do and the pandemic was a perfect example of back there's a lot of people lost their businesses because they were profitable but they didn't build the savings they didn't build the cash they didn't build the wealth along with it and if you didn't do that<br> came in 30 days later but you could have survived so it's not only building the prophet it's got to be building the holy prophet that's so true because I've seen I have seen and I've had work with people's a Financial Consultant that they thought they had a very successful business but it'd only be really provided for them and their family and they didn't save all that much and I understand you know what you do it let's just start with this question up front why is cash so important because you can't pay your bill you can't keep a roof over your head you can't and without cash you can survive it's it's just done it you don't have it and they go by there and they<br> where can I cash my check to pay your bills and have some luck over and that's the real key with Tasha loving I had one client who we started start a business and grew to $200 and twelve years only on cast by looking at their bank account everyday as long as they can pay their payroll and pay their bills and take Lucy and nickel for every dollar that came in the door to go to work okay so question you know what you've been helping businesses not only survive but Thrive for four decades what's the key to your sick<br> yes the key to success is actually implementation it's not enough to set the goal it's not enough to say I want to do this it is all right I want to do this number to do this today is tomorrow this next week and making sure that you do some follow-ups make sure that it all happens and we all have lovely dolls things that we want to do and everything along those lines but if you don't answer that's basically a wish or the implementation isn't because we get an employee comes in or customer calls or whatever else it is you got to stay with implementation and you can use direct expenses overhead expenses where do you expect your bottom line space<br> well actually I read across people who do except for when things slow down or they stop growing so you have 10 rules for growth 10 rules for profit how did you discover those rules and we've implemented all of the all 20 rules with my client base and they are growing profitably they have the tools and processes to go to do what they need to do and they are building recurring Revenue they know the difference between a channel on the balance sheet as like okay this is this real one this is real too and it's taking a client who has their hand and says I need some help but they're willing to do the work<br> that I'm sure you've had clients like that too and they just don't want to do the work and he's like okay everybody know what is some of those rules and it's the same 2% of every dollar that comes in the door and it's really easy to do that and it's really easy not to do that two percent of $10,000 is the end of the week and I can go do that thing going to the Big Boy's toy store the big girls toy store is not a good idea if it's meant to be there in case we get another pair or whatever else<br> shopping therapy huh<br> another rule that's really<br> you make sure that you always have recurring Revenue recurring income customers who buy from you on a loyal basis and a profit part of that is making sure that you price it properly and is building that customer base not loyal customer base who is buying from you in good times and bad and they're really loyal to you and you're loyal to that so that's a real lesson both abroad and in wealth is to make sure that you have a business that is not dependent upon you and a business where you totally separate business expenses<br> all expenses I have too many business owner too<br> put this on my business credit card nobody will find it gets power which is for every billable a revenue-producing hour how much actually drops the bottom line percentages don't matter because you can't take a percentage the back I can't go I'm a 10% last year here's my 10% can you deposit this is how it would look at you like one could be earning $10 net profit per hour and then we're going to take a little break will be right back with more insights from Route King more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the in an ounce of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton hey welcome back to saving with Steve we have came with us profit or wealth that's what we're talking about 500,000 list all the replays are available at saving with Steve. You asked if you're enjoying the story some helpful information inside on saving with Steve than encourage you to subscribe to your YouTube channel so you never miss a show check out a few of your feelings that you can help radio BBS radio talk radio in New York City e360 TV Las Vegas TV network all these networks are dedicated to empowering you to solve problems and live a life of personal financial Freedom now we're back with Ruth Chang Ruth I'm so glad you're here and I want to ask this lovely question a lot of people are fitting right now and they're looking to<br> tell the business start something up one of the biggest mistakes they can avoid number one is they have to get a customer and I can't be your mother and I can't be your friend and it can't be your your grandmother I mean you have to have a real customer not somebody who knows you really really well it's a really great idea. I'll tell you because then guess what you probably do have a great idea but you got to get a customer that's not a family member or a friend and by proving that you can get customers then you can find out why they're using your products and services what the benefits are and then you can go and do marketing based on<br> are Gores and customers better you get the customer's first and open your doors really unique shop in the strip mall and you're like wow and then three months later it's gone because that we walked in there a question how many smart you know what how can small businesses Implement themselves from further economic Fallout do the coronavirus cuz you know we could have the strange people come back to work all sorts of things the way I look at it it's two things number one we talked about building your cash saving 2% of every dollar that comes in the door that is your security blanket if we want to look at Snoopy example for peanuts but anyway it's it's really it if you can start saving money and do it religiously it on the implementation piece you're going to find that if we get another pandemic then<br> is money saved up and you can go all right I can get through this cuz I have six months a bath what I've got to go talk to the customers that you had in the past they have their doing you may want to reactivate an active customers one of the things that we absolutely insane and literally anything is when people say okay I'm going to do marketing and advertising take care of your customer base and see how many customers they haven't talked to in a year to 18 months to somewhere around five years and talk to them and you're going to give I thought you went out of business because somebody else<br> whatever their needs are they giving you a credit card or something like that businesses have one Revenue source so if guess what your restaurant got shut down where you going to get your other revenue from is this one of the principles you talk about with people or the one of the guys who is in a mastermind group with me has the largest the oldest butcher shop he still had a database of 40,000 people who were on his birthday list contact them for take out to be I mean any literally had so many different people that he could talk to even though that the house itself is shut down he could do catering<br> and not just have the restaurant and then what really made it good is that he had developed a customer list of names on it absolutely kept him alive during the panda so similar and there they had to hire drivers to deliver the meals because you're obviously people weren't going out anywhere but they were delivering meals over the place and he was probably 80% of where he was a regular night on a typical week and he was just like yeah it's not bad at all and so he can have the butcher shop but he is very very profitable is basically they went from a staff to know wait staff but cooks and people took orders and delivery driver so it worked out very well so<br> based on the restaurant in Florida but the nice thing is he could be shipping his Butcher and the steak City butcher just like Omaha Steaks and many others do the around the around the United States such a fate I stopped listening like a broken record make sure you have a customer base make sure you have cash flow just make sure you have a budget<br> you know what I think that it's what you're really telling people are saying Halo guys if you really want to stay in business and be profitable and Wealthy there's basic things you need to do and you need to stick with them this isn't rocket scientist many people who don't have college degrees never went to college you know what that her doing very very well with this what are some easy ways to grow business well easiest way that I know of to grow business well as the 2% is just month by month by month by month and it starts over again that are fairly liquid i e we can convert them into Cash pretty quickly it might be finding an analogous business<br> butcher shop products not information products all over the world but you need to build recurring Revenue with a customer base he was loyal to you and you are loyal to them up some way shape or form they may pay for it they may not it just depends upon me all restaurants are not paying for it but they come in before their anniversaries and birthdays and all that stuff so you got that other issue might have liked to take care of their maintenance on their heating and air conditioning system so they actually pay for this would be just making sure you watch your cash flow every single day right you need to know what's going on there's a weekly cash flow report in the car should be profitable that you can very easily do it I'm happy to send anybody who wants it but it makes you really look at my butt went out where are we where do we expect the next week<br> you're in a situation where you got enough money to pay your bills and if you don't what's going to happen and number three is if you watch cash flow starting to go down you do something about it and I have a client I have a client of mine until August of this year everything is going great and I know every week with his numbers aren't his number started going down and I'm screaming at him in the bookkeeper screaming at him and December he sent me an email and says I'm out of cash and I well know things are going bad turn around that week what can you do this week to turn it around can you talk to five customers can you talk to customers or you haven't talked to you in two years and there are things that you can do every week and if you do have them<br> they have ideas to put together a bonus program that we reject summer dollars in sales this month everybody gets a hundred bucks or two hundred bucks or whatever you sure that they understand where they fit in make sure they understand how they take care of how they fit into the customer who writes their paycheck and and go from that first one I have this question I said why do you call yourself the prophet Billy master and working people are more about your book and where can they get it and how can I get in contact with you call myself the profitability master because I am all about profitability it's helping people with the tools and processes to get them and stay profitable and build the master of my contact information is there all my books are there<br> thank you very very much Ruth appreciate your being here I love the insides and quite frankly I'm very grateful because so many people can learn just from the last since you got today I recommend everybody and go out and get proper well if you want a full buckets an easy read and I wish you a happy and healthy Miss and hopefully we can have you back sometime I'd love it thanks Steve you have a great day and you two ladies and gentlemen's is that was Ruth King the author profit and wealth simple rules for sustaining business growth she's been doing it for 40 years he's passionate about helping people become profitable and grow well if Dad has an interest for you go to Amazon go to any major Bookseller get that book profit or wealth might make a difference in your life wasn't Roofing just wonderful we got another surprise for you we have Brad Galbraith he said update my domicile.com he's going to talk to us about how to prevent the state used to live in from going after your tax dollars so stick with us we're going to be right back with some Brad Galbraith<br> your expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where to be talking about the ins-and-outs of money does Financial issues it could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton hello welcome back when we talked about the ins-and-outs of money again you want to check us out on Google play Spotify you can go see reruns all you like we're going to the shaving with d. U s website now we just finished talking to Ruth Cain the probability math you if you'd like to get her book profit or well you can always go to Amazon money moves to make before the end of the year this is really very important in 2021 the global retired recently indicated that over 40% of American please it'll be a miracle to retire securely inflation interest rates are all contributing factors the challenging Financial time as we enter the fourth quarter of 2021 like to share your little checklist that's crucial money moves to do you need to make before the end of the year first<br> assess your finances if you don't regularly keep track of your finances this is a great time to do an assessment of your Current financial situation why so you can take the necessary steps to troubleshoot yourself correct before the end of the year look at your financial goals your dad's expenses commit to making improvements before the end of the year next man is your dad Americans all over 14 trillion dollars in debt with a holiday season just around the corner it's like it Americans will continue to rack up even more death take control of your situation now by assessing the debt you owe and put a plan in place to pay those debts off I like the debt snowball techniques in fact it's been incredibly effective for many of my clients all you really need to do is list all your debts the balance is the date though the interest rates as well as the minimum payment<br> you can either start with the debt that has the highest interest rate or the one with the lowest balance what you're really going to do is you going to make the minimum payments on all your dad's and pay as much as you can on top of that minimum payment to the debt you want to pay off once it's paid off you pick what you're paying their to the next one and the next one and pretty soon you got it taken care of the key here this folks with managing jet set a deadline for paying off your debt one-by-one next Jewish Security check fraud attempts typically spending delete credit card other personal information stayed on your browser always confirmed at the checkout page has a secure connection with ordering things online and utilize credit monitoring services are sites like experience to make sure there isn't any fraudulent activity connected with your account in fact it was really interesting my daughter received this letter I mean she's only in college<br> I bet she's received this letter about consolidating your dad and they're talking about hey you have this debt you owe this much and we told her to go get a credit report it's important you should probably get one of your free or credit for each and every year to make sure you don't have anything there you don't know about now if you're working in the work world and you're working for somebody else use the money in your flexible spending account that's the FSA account I have to say is a tax-free accounts which you contribute money from your payroll to pay for services that your health care coverage doesn't cover check your benefits to find out the deadline for using this money so it doesn't go unused you also might want to consider the benefits of saving in a health savings account especially if you have a high-deductible insurance plan a health savings account offers multiple tax benefits in the form of a tax-deductible contributions tax deferred growth and tax-free withdrawals providing use the money to<br> a medical expensive now last and most important contribute the maximum to your 401k or IRA every time you contribute to a 401k or IRA is a dollar that you don't have to pay taxes to make sure you can ship the max amount before the end of the fiscal year now if your employer offers a 401k match even better this is free money for you try to save at least the amount that your employer will match otherwise you're leaving money on the table now remember a higher contribution to a 401k or IRA can lower your taxable income which means you're paying less in April these are some of the money you're going to need to make before the end of the year to make sure you're on track wasn't Roofing just wonderful we got another surprise for you we have Brad Galbraith he set up the change my domicile. Calm he's going to talk to us about how to prevent the state used to live in from going after your tax dollars to<br> with this we're going to be right back with some Brad Galbraith more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the ins-and-outs of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending on your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money so if you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton welcome to saving with Steve oz of money pretty much everything under the sun that relate to you having a healthier happy relationship with my my name is Steve sexy welcome to the show just want to say thank you for sharing this with your friends families and Associates we had well over three hundred and thirty-seven thousand viewers and listeners last month so we were very excited with that last year over six hundred and sixty-three thousand people moved out of the state of California mini just because I wanted to go to a lower tax date so they can save a lot of money okay and the same things happening with your New Jersey Illinois because they want to go to a tax-free or a low-tax date now the reality is these states don't like losing your tax business it and they want to make you<br> make sure that you're not doing anything wrong so they can keep that business so you know what you want to learn how to pass the state what it's called domicile test that's why we have brought Galbraith here greater than change my domicile.com he's going to help us help us help you good folks with walk you through it now talking about the season and how would you like a technology tool that can forecast risk for investors how do you like a tool that enables you to help identify when risk is too high so you can get yourself out of the market and you want to stick around we have Sean rules at one point analytics he's going to walk us through it now what I'd like to do is tell you a little bit about Brad Galbraith now he's an attorney he's a CPA he's a CPA he's the author state-specific domicile plans now like I said before people are looking at ways to reduce taxes lot of times that's just moving from one state to another<br> people the you-know-what don't realize that their former State wants to keep their hands in their cookie jar from a tax perspective and if they ignore the rules on how to change your domicile properly hey you can come up with a lot of stress like taxes audit it could be a state issues it could be lots of things so that's why we have bread bread welcome to the show me so much do you looking forward to it as I said before we got started when viewers and listeners heard about you being on here this is a big topic cuz taxes are going up all over from the state perspective and quite frankly many states become unaffordable so that one of the best ways is to move out of the state now help me understand how you got involved with the changing the domicile business so to speak many many years ago I guess maybe 20 years ago<br> Wawa in Indianapolis to my wealthiest clients kept retiring and moving to Florida and they kept saying to me what what can you do to help us and I would say well I'm not licensed in Florida so I really can't I have to refer them to someone else and I realized pretty quickly that referring away my wealthiest clients who are tuned into this domicile issue probably wasn't the best long-term strategy so I took the Florida bar opening an office in Florida and ever since I've been helping people from higher tax states make that transition to Florida okay so I just got to see this I talked to many of my advisor friends and I've had even some clients where they figure they can split a state or you know one spouse is domiciled in one state and another and another and for some reason you know what they're getting audited they're getting hit with penalties and all that kind of stuff so what I'd like you to do is just go hang<br> what determines somebody state registry where they're what states are domiciled in what determines that let's start their sure well for the most part when were using this term domicile it's it's good to Best Buy. A lot of people called that residents must States technically call it domicile but you can of course have a residence in more than one state but you should for tax purposes only have one domicile and so there's there's a lot of your listeners certainly to pay state income tax in multiple States but there is one state that is their primary residence and they may they may be paying state income tax for example in California because they owned rental property in California they may pay an Illinois because I have rental property in Illinois but they happen to be domiciled in New York and so their worldwide income is subject to tax in New York minus some of those taxes that are paid another place is so so in general when we use the term domicile were talking about really kind of tax residency now what the<br> Cummins your domicile is state-specific that's that's one of the things that we have talked about a little bit it's really not about the state you're moving to it's the state you're coming because every state has their own laws that's that's just the way it works in in our United States is not a federal law that determines which state you're are domiciled in it's just a lot so they're there are unfortunately plenty of cases that I actually went all the way to the US Supreme Court about what state the person was domiciled in the argument often times was so I've got more than one stay saying that I'm down the south Interstate federal government or federal courts you resolve this and and the answer has really been for the most part eight states can have different laws if you aren't smart enough to make sure that you are only down the South won State there may be more than one state that tries to claim taxes and so we have to look very specifically to<br> state that you were trying to change your domicile from not just state that you're trying to change your domicile to so another words whether your New York Illinois California the biggest in New Jersey from the biggest tax dates you really need to make sure if you're going to be living in Florida or in Texas or some other like Tennessee tax-free State you really need to look at the interview like for example you probably do it while you're from Indiana so Indiana has what kind of like I'm just going to ask about Indiana what kind of rules or domicile test is Indiana have computer so I can even be a little bit more specific than that I would say in general about half of the states in our country have a two prong domicile test the other states have a 1 prong dumps out that the two-pronged test is typically a number of days till New Year<br> what is probably the most famous of of those states where they say if you haven't place of Abode if you have a place that you can live with a rented or own and you are in New York 183 or more days then you are statutory resident and there is no reason to move on to the second prong of the test you are a resident of that state for their tax purposes and any of the other things you've ever heard of that you're supposed to do just simply won't matter about half of our states have a law like that wear the number of days now that this can vary a little bit from state-to-state but most of them are in that six months and add a category they're Ohio is the one very unusual stay where were they don't have six months in a day that's 7 months in the day they actually are more liberal a surprisingly and I have said in order to hold on to as many people as they can who will<br> you come back to Ohio and summer time or offseason they said you know we're going to be really live while you could be in Ohio up to seven months and if you intend to be domiciled somewhere else we won't count that against you so that they've gone the opposite direction of many states and their thought is that way the former residents can continue to come back to Ohio on second homes do their Banking and investing and go to the doctor there and get the Charities there and I've decided the best what's best but in general half of the states have this number of days test the second part of the town in those States and the second part and the only part of the test in most other states is an intent test and it is based upon your subjective intent and unfortunately there's no there's no MRI machine that we can run a person through that that lights up green if you intend to be domiciled in Florida and lights up Red If You intended on this out in the yard and it doesn't work that way<br> every state has come up with different factors that they may look to to objectively determine what your subjective intent might be and that's what really berries very significant in some states they say whether you have a safe deposit box in their state is extremely relevant in another States that's just not even mentioned in some states and only a few States they say where you give to charitable organizations really shows where your heart is and if you still give in your former State that's very indicative of your intent and yet other states a absolutely positively we will not consider that because we don't want to harm the charity said it is very state-specific when it comes to down to those indicators bedtime<br> okay so now can okay so what you're saying is you can only have one domicile okay where your tax date is you can't have two<br> Rock certainly two states could argue about you do not ever want to have more than one domicile because that means two states are arguing over which one gets to tax you the most so that that would be disastrous if we want to be careful so that you you you should not ever have more than one state of domicile okay so he can you live in one state<br> and be a domicile present of another and you just talked about that 183 and stuff like that is there any states that have issues with that as long as we're talking about a second residence okay then Most states recognize really all states recognize that you may have a residence in their state and yet not be domiciled in their state now as you might imagine the people who are being audited for the most part those are people who have a home and bust it also happened to be all of my clients my my clients don't typically live where I live in Naples Florida year-round it gets rather warm and in August and they tend to head back North so most of my clients have a residence in more than one state and the fact that they have a residence in the Northern State doesn't mean that they are going to continue to be dumb ass out there but it does mean that we probably need to be even more careful in and making that change of domicile did. The eyes cross the t's do is<br> many things as possible so that it will be very obvious that the intent is to be domiciled in Florida despite the fact that they're still at home up north now the fact is that I really like to use that is kind of visual that you can think up is an apothecary's get when looking to these to the various factors what we want to do is we want to pile up as many factors in favor of your low-tech stayed as possible I love whatever still weighs in favor of your Northern State and we want your low-tax new state to greatly outweigh the other state that doesn't mean that there is nothing in favor of the Northern State you may still have a residence there you may have children are you may still own a business there but what we want to do is we want to make sure that if a fact finder is a quart or a taxing Authority whichever<br> take a look and audit or even litigate we wanted to be very clear to them that this case just isn't worth pursuing because he done so many things too heavily weight that Apothecary scale in favor of your new state Brad Galvin more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the in an ounce of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton want to truly thank you for tuning in appreciate you letting your friends & Family Associates know about the show all the replays are available in Saving with Steve. Us again at saving with Steve. You as if you're enjoying the stories helpful information inside on saving Wednesday then I encourage you to subscribe to our YouTube channel so you never missed a show and check out a few of our Affiliates at UK Health radio BBS radio talk radio New York City III 60 TV and Las Vegas TV network Financial personal freedom faucet Facebook enjoying the saving with Steve insiders Club at saving with c b u s you get all the replays exclusive gift from our gas and more so with that we have Brad back we're talking about<br> the factors that people look at now what specifically are some of those factors that the Franchise Tax Board here in California or whatever it is here in there in Florida what do you looking at is factors for somebody domicile I can provide a bit of a list of those things that are somewhat Universal set that really applying most every set across the country that doing just those things that are General may not be everything you need to do for your say some of those are the things that are really almost just obvious if you register to vote in that new state if there's a homestead exemption you would file for that homestead exemption in your nice day and one thing that may not be quite as obvious but is true in many of<br> of our state is it your changing to an estate there may be a form available either through a county or the State Franchise Board or the Department of Revenue the taxing Authority for the state that allows you to complete an affidavit that says as of this date I intend to be domiciled in my new state do in in Florida every county has one of those it's called a declaration of domicile is completed in front of a notary and you just swear that that's your intent even record that with the county putting everyone on notice that that's your cat now that's not going to do it that's that's not going to be the determining Factor but it is very nice to have a very clear piece of paper that says it is my intent as of February 25th 2021 that I intend to be domiciled in my new stick and those are some of it that Universal things but there's a few other<br> that are certainly worthy of mention in some of these are a little bit less obvious I mentioned a safe-deposit box earlier that's not relevant in every state but I would say at least half of the states that appears either in case law or regulatory materials or state publication that the debt may be very indicative of a person's a cat if you have a safe deposit box still in your former state it sounds like that really is your intended long-term best the place where you intend to eventually return and that could be a problem if you ever dump out of it for domicile a couple other things that are interesting the people don't always think about one of those might be professional licensing many of us in many of your listeners are are Professionals of one sort Or Another We're there an attorney or a doctor or nurse or a realtor or appraiser you name it<br> about it you register as a professional with your state<br> that's a state that database if a state wants to determine whether they're going to audit you are not a very simple thing they can do is look and say all right well this person is still a licensed physician in the state of California yet he says that he's now domiciled in Idaho that doesn't really make much sense to us we better inquire more so if you're changing your state of domicile it doesn't necessarily mean you have to give up your professional licenses if you're ready to you know even better but in most instances people want to at least change from a resident licensed physician as my example to a non-resident license position if there is no different differentiation between resident and non-resident at a minimum change your address do not continue to use your M State address for those purposes use your new State address for those purposes<br> okay so what about things like a doctor yeah and that varies by state it's it's interesting though Most states will say that when trying to determine urine test again there is no MRI machine there's no easy way of determining that and it's just a little bit too obvious to just ask you know do you have a driver's license in your new state so what many states will do is they'll look to some of these less obvious than that they believe that if you were really intending to change your domicile you would probably find a dentist and a primary care physician in your new state depending on the state they may ask about other professionals Insurance professionals Financial professionals accounting professionals tax professionals lawyer do you have these Professionals in your new stay at a minimum do you have them in that new state and maybe still in your old stay with them coordinating but there should probably<br> be some connection with the new state that varies by state again interesting way I mentioned Ohio earlier Ohio when passing their laws made the the the intestinal decision to not count those things have their state residents who are changing their domicile still go back for medical care in Ohio still have the Ohio Banks as their backs still have the Ohio investment professionals and CPAs in layers position whether you have that in your new state or your old State can be indicative of it and sat<br> the church your church if you're a lifelong member of the Methodist Church in your Northern State it would only make sense that if you were changing your domicile to a new state that you'd probably find a Methodist Church or some church at least to attend in Florida if you're a lifelong member of the University of Michigan Alumni Association you'd probably join the University of Michigan Alumni Association of of Florida are you would likely do this that you'd also surround yourself with some if you've been active in charitable activities you'd probably find some of those charitable activities to do in your in your new stick Okay so<br> yes certainly I think it would only make sense to do it financially analysis and make sure that it makes us so one of the things that happens when you change your domicile is he give up your homestead exemption in your in your current state in order to get the homestead exemption in the new state almost every state says you can't have a homestead exemption in both its Homestead exemptions are are for the most part reserved for those people who are domiciled in that state and the homestead exemption is very significant just as an example in Michigan the homestead exemption is very significant I've had I've done the analysis for clients before where we ended up deciding that their savings on income taxes were outweighed by the additional costs of giving up the homestead exemption so so it is important to to not just hear that the new state is better but to do the financial analysis figure out whether it really makes sense to make that change and if you're<br> going to do so when did those windows Financial benefits kick in that we know that have gotten audited over this okay so how do you defend against an audit and how do you defend against an out-of-state that's what we're all concerned about you make the change and you get out of bed you know often times you've already lost because you do it if you're making a change in your going into retirement looking forward to spending some time with the kids and grandkids on the golf course and you end up in an audit that's just not what anybody wants so I would say it is very important when you make your change of domicile to know the state that you're coming from to know it inside and out and that is the idea behind change my domicile.com making sure that you have a state-specific list to go through<br> keep records of everything that you changed if your changing from a safe-deposit box in your in your high tax state to a safe-deposit box in a low-tax state keep that information have the records as to when you change when you close the old box when you open the new one just gather information about the date that you registered to vote in your new state the date that you gave up your homestead exemption in the Farmer State keep all of those records and importantly because many states do have this number of days test track your number of days so that if if you're asked you know for sure that you're in good shape so that even if you are audited on that number of days test that you're not going to run afoul of the law is okay so now we have about an hour and a half lab I'd like you to talk about change your domicile.com how people can go and get involved with you how people get involved with that so they can change their domicile right so they don't get hit with the audit<br> stress in all that<br> great so so yes at change my domicile.com what we have done is we have gone through the 6:25 and done a specific State analysis for each of the state's what we've done is we've outlined so that is easy to determine what is the financial benefit of changing from that state what is the income tax rate in that state how does the property tax exemption work in that state does that State have a gift tax in the state tax in inheritance tax so that you can actually go through quantify the difference between the two states and then what we have done is we've gone through the state statutes state regulations and case law for each state and we pulled out the information that is specific to that state domicile decision so there's all in one place so that they are our clients can read through that and see what they should be doing and then we make it even easier on what we do is we have created a check<br> quest for each state very state-specific then based upon California for example what are the things the California says they will look at so that you can go through that checklist one by one keeping records as to the date that you need made each of those changes and so in doing that your chances about it your chances of triggering and audit go way down and certainly if you were to be audited you at least now your daughter the eyes cross the t's and that you're going to be successful in that audit if you've done the things on the checklist thank you Brad for being part of the show what's the best way to piet's it changed my domicile. Cam is the best way for people to get in contact with you get the information and someone correct absolutely change my domicile. Calm and once there there's a free information where you can download to your specific States<br> Brad thanks for being on the show this is a big topic will probably have you back stay safe down there in Florida will see you by Ruth Chang probability Master we talk about money moves you need to make before the end of the year we also talked about with Brad Galbraith about how to change your dumb ass out properly so we're not in a position where I'll previous date is still taxing us now I truly want to thank you for tuning in appreciating you letting your friends and family members and Associates know about the show all the replays are available at saving with Steve. You asked if you're enjoying the stories of how awful information it inside on saving with Steve then Anchorage you to subscribe to your YouTube channel Spotify Google Play channel do you never miss the show check out a few of our Affiliates at UK help radio BBS radio talk radio New York City 360tv Las Vegas TV network<br> networks are dedicated to empowering you to solve problems lift your life Up Lift Your Spirits and live a life of financial personal freedom also you can follow us on Facebook and join the stadium with Steve Austin insiders Club at saving with Steve. Us to get all replays access to the after show video in guest is to take your life to the next level look forward to seeing you next week have a great weekend thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that's saving with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a healthier happier relationship with money this has been the saving with Steve show hosted by Steve Sexton<br>