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Tennessee #1 State for Retirement

Posted on: May 18th, 2013
tennessee retirement planningIf you’re considering a second home purchase or already have property in Tennessee, you may be on your way to full-time residence in the number one place in the United States for retirement. 

Without a state income tax, Tennessee is often one of the top choices for retirees. A new list provided by BankRate ranks the top retirement states based on other factors besides taxes, such as overall climate, medical care access, and cost of living. Tennessee ranked favorably in all categories and stole the top spot.

When it comes to tax benefits, the lack of a state income tax is just one. Last year Tennessee repealed its gift tax. The TN inheritance tax is in the process of repeal as well. The TN estate tax exemption started an annual incremental increase in 2012 and the tax will be completely eliminated by 2016 and after.

Tax advantages are attractive to retirees, but the accessibility of powerful asset protection tools in Tennessee helps retired workers preserve the assets they worked for all their life. Tennessee recently made the Top 5 States for Domestic Asset Protection Trusts. DAPTs are unique trusts that are only available in several states. If you’re considering retirement planning in Tennessee, meet with a Tennessee estate planning attorney to learn how you can take advantage of the all the benefits available in Tennessee. 
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