Thinking of leaving NJ over the taxes? Where to avoid

Q. My husband and I are debating moving to another state for lower expenses and taxes. Which states do you recommend, and why?
— Maybe moving

A. You’re not the only one. Lots of people have decided to leave the state.

Jerry Lynch, a certified financial planner with JFL Total Wealth Management in Boonton, said he is now licensed in 23 states because so many of his clients have decided to relocate.

He said high property taxes, income taxes and the cost of living are the main reasons why people are fleeing.

Then there’s the estate tax for those who want to leave money to their heirs.

But Lynch said he would never recommend moving to a state just because it’s cheaper.

“I would want to move to a state that has what I am looking for,” he said.

You should examine several items, including where your kids live, what you enjoy doing, how other local economies are and what living on those communities would be like.

He said you should make a list of possibilities and see what pops out at you, and then see if any of those locations have a lower cost of living.

“The only places you can move to that is more expensive are California and New York City,” Lynch said. “Other they that, virtually every other state is less expensive so it is almost impossible to chose wrong.”

Karin Price Mueller writes the Bamboozled column for The Star-Ledger and she’s the founder of NJMoneyHelp.com. Click here to sign up for the NJMoneyHelp.com weekly e-newsletter. Like NJMoneyHelp.com on Facebook and follow it on Twitter.