Question for those who live in California

[Sigarms]

Had a couple of couples over this weekend for Dinner.

Talking with one couple who early last summer had moved down from up North (they retired to town not to far from us of all places), we were talking about "transplants". They had mentioned that they met some people who had recently moved in from California. They were actually going to drive back to pick up their elderly parent because the parent wanted to move as well.

This was all because of a 40% estate tax that apparently California had there

Now I will admit, never say never. Never think we would move to California after our visit out there last summer, but if our only boy ended up out there for any reason, we could see moving closer to him later (that wouldn't happen for another 15-20 years good Lord willing).

I looked online. I do see where the federal can tax you up to 40% on anythting over 13.6 million, but that doesn't seem state speciffic. Leets just say our assetts comes no where close to 13.6 million mark LOL

I do remember on my thread I started asking for advice on what to do on our trip to the Sierra Nevada's, and remember perhaps some people noting on moving out of the state (and I need to revisit that thread), but exactly what sucks about California's state tax on estates and inheritance taxes that would make people move out of state just for that reason?

 

[dodge man]

I just Googled it and I saw no estate tax specific to California. I don’t know if they have some kind of end around to get you but I suspect not.

 

[workinonit]

I've never heard of anyone wanting to move to California. Other than wanna be actors.

 

[rocco611]

There is no estate tax in California, You can shield your assets from federal estate tax with a trust. Most people leave California because of the high cost of living, congested cities, crime, government regulation and lack of affordable housing. Many of my friends and family relocated to Oregon, Texas, Arizona, Idaho and Arkansas. Now many of those places are having the same problems as California . I still live here in a rural community, neighbors are vigilant and local crime is minimal . I enjoy the mountains and the less crowded areas of the coast. I have a comfortable retirement. As retired state employee, I have lifetime paid health insurance, its not so bad.

 

[Yander]

If had been born in California I probably wouldn't leave either. I think it would be hard to get used to a climate like that and then leave it. I would want to be out in country though, always.

 

[Eagle1]

If had been born in California I probably wouldn't leave either. I think it would be hard to get used to a climate like that and then leave it. I would want to be out in country though, always.

Depends on which CA climate, coastal, desert, mountain. Lots of snow or no snow.
Will say I did miss being able to surf and snow ski on the same day for a while.
Never missed needing snow chains to go to work from the desert into LA and then again to get to another desert. Those passes can be a pain in the winter.

 

[newkiotiguy]

There is no estate tax if California, You can shield your assets from federal estate tax with a trust. Most people leave California because of the high cost of living, congested cities, crime, government regulation and lack of affordable housing. Many of my friends and family relocated to Oregon, Texas, Arizona, Idaho and Arkansas. Now many of those places are having the same problems as California . I still live here in a rural community, neighbors are vigilant and local crime is minimal . I enjoy the mountains and the less crowded areas of the coast. I have a comfortable retirement. As retired state employee, I have lifetime paid health insurance, its not so bad.

Just imagine leaving one place because of the problems, then voting for the same people that caused all the problems in the first place. That is the why you will never be able to reason with them. They just don't get it

 

[Sigarms]

There is no estate tax if California, You can shield your assets from federal estate tax with a trust. Most people leave California because of the high cost of living, congested cities, crime, government regulation and lack of affordable housing. Many of my friends and family relocated to Oregon, Texas, Arizona, Idaho and Arkansas. Now many of those places are having the same problems as California . I still live here in a rural community, neighbors are vigilant and local crime is minimal . I enjoy the mountains and the less crowded areas of the coast. I have a comfortable retirement. As retired state employee, I have lifetime paid health insurance, its not so bad.

Thank you for the response.

Again, I found out about the cost of living out there when we visited first hand, and you hear everything bad about California, but the two weeks we spent there we absolutely loved every minute of it.

First time I heard of a 40% inheritance tax and one of the speciffic reasons why someone was leaving. Couldn't find anything online.

Our "base camp" when we were out there was staying at Angels Camp. Talking with the locals (particularly at the gas station), pretty much the same philosphy in any other rural area I've lived in in the US.

 

[Sigarms]

I've never heard of anyone wanting to move to California. Other than wanna be actors.

Given we only have one son, depending on where he settles down, we can see ourselves moving perhaps later on in our years.

After spending two weeks traveling around the Sierra Nevada's (and a couple of days driving down Rt 1 from Sand Fran to Big Sur), we could see ourselves somewhere in the vincinity.

Besides that, we we retire, my wife will want to downsize the rule is one going to be 3 rifles, 3 handguns and 3 shotguns with only 1 safe and give / sell everything else LOL

 

[newbury]

Besides that, we we retire, my wife will want to downsize the rule is one going to be 3 rifles, 3 handguns and 3 shotguns with only 1 safe and give / sell everything else LOL

Is that per person?