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as most here know we already had planned to retire in PA.
We bought a house there 7 years ago and thought we would love the more rural un-city like life since i enjoy hunting and fishing.
well 5 years into part time life we realized who cares if it is cheaper. no way do we want to retire here. everything we would want as we age was lacking. so we sold two years ago.
no public transportation if you couldn't drive , limited medical specialists, not much to do one you exhausted everything locally , the winters were long and icy, everything was 15 minutes away if you needed milk, limited medical facilities , the list went on and on once we experienced life there and compared to to here..
all in all we realized while expensive we have everything we would ever want right here in nyc including our family.
endless things to do year round was right here . with nothing but time in retirement filling all that time is important to us.
being we are investment property owners in nyc although we rent we could never really divorce ourselves from ny taxes.
we can't sell out either for reasons i don't want to bother going into here.
we would end up needing to do two wills ,one in each state so that would be expensive to have done right.
we already had two experiences with it costing us loads of dough to deal with 2 wills that had defects in them so i a am a big believer in seeing an estate attorney for all this stuff.
the other issue about lying and the one that gets folks caught most of the time is lying about where your primary home is will also be insurance fraud.
the state of PA and the auto insurers go whole hog together against phoney residents all the time.
why?
because you have to insure your car where it is primarly garaged .
when you live in a state like PA where minimum insurance requirements are low and get in an accident in ny federal law says the state of PA and insurer have to share the burdeon of elevating you to the minimum requirement of the state you are driving in on their dime.
that means in our case PA and the insurer would have to pay for any claim up to the ny minimum liability coverage requirement for any accident in ny over and above what i am covered for in pa .
many states take insurance fraud very seriously when you are in an accident in another state to see if you really are a resident of their state.
if asked , the burdeon of proof falls on you to provide the evidence as to where you live not them. you need to show cell phone use , credit cards , ezee pass , receipts ,bank transactions etc as to where you actually live most of the time. they do not have to prove a thing ,you do.
i think not only does hartford have to do his homework on tax laws and the amt but he needs to brush up on his criminal laws too.
I'm guessing your insurance limits are above the minimum for both NY and PA
You are literally rambling and rambling on look you are posting at 3 am? Hey if you can afford to live in NYC I say good for you.
Seriously that sounds like a dream retirement. Good luck
But financially you are probably better off selling your property in NYC and purchasing a home in FL. You don't need to have a car garaged in NYC because you can just take public transportation everywhere or use zipcar.
Keep the car in FL and you will save lots on taxes. But whatever its your money and your property I just wouldn't want to go through the hassel your going through dealing with all the complications of property in NYC.
Also consider when your heirs inherit the property its might pose difficulties if they have to sell it immediately or have to manage it.
you are quite wrong .. tod's escape probate ,they do not escape estate taxes.
they are most certainly figured in the estate value, they just can pass without probate.
the above is why i highly recommend folks see pro's with this stuff and not what they think is true..
it isn't as much a problem with what you don't know as it is what you think you know that aint so.
Last edited by mathjak107; 03-22-2014 at 11:01 AM..
you are quite wrong .. tod's escape probate ,they do not escape estate taxes.
they are most certainly figured in the estate value, they just can pass without probate.
the above is why i highly recommend folks see pro's with this stuff and not what they think is true..
it isn't as much a problem with what you don't know as it is what you think you know that aint so.
that^^^^ People mistake the PROBATE estate with the TAXABLE estate.
Items in a revocable living trust (RLT) usually pass outside of PROBATE but are INCLUDED in the taxable estate.
Similarly, jointly owned property (in most cases) passes by law rather than through probate, as do IRA and 401K accounts. Those pass according to the beneficiary designation, which means if your will says "everything to my kids" but your beneficiary designation on your IRA is your brother, the IRA goes to your brother, barring other unusual extenuating circumstances.
As mathjak says, if one has substantial assets it is a VERY good idea to consult with an attorney knowledgeable in estate planning. Even if you don't it's probably best to work with one to get a basic plan set up and understand how things work.
circular 230 disclaimer- seriously, assume I'm an idiot, don't think this post helps you with the tax authorities, talk to actual tax attorneys
until a few years ago new york did not recognize tod's on brokerage accounts only bank accounts. i had no idea all the paperwork i did designating beneficiarys on my account. was not valid here.
Louisiana, New York, North Carolina, and Texas were the only states that only recognized tod's on bank accounts but not brokerage accounts.
finally new york threw in the towel and accepts it now , i do not know if the other states ever did.
death is one area you need to get your paper work right. there are no do overs when heirs hit snags or sentances are missing from documents.
we had a refinance stopped on an inherited house . the title company was finishing up and asked to read the will.
well it seems the sentance "i leave all my possesions and house to my child beth " was missing a word. as in "only child beth.
they stopped the closing until affidavidts were signed by family that there were no other children.
i had to pay the co-op attorny ,the bank attorney and thetitle company for the day and lost my interest rate.
all because the will had a defect.
that was small compared to another issue we hit which ended up costing us 500k on a business because the trust was missing a sentance and we had to buy some un-intended partners out who the trust disqualified by name .
a missing sentance pertaining to pre-deceasing was never put in.
the estate attorney who handled the case for us said that this is standard verbage to have and any experienced estate attorney would never over look it. but a general practioner sure did.
i wonder how long the poster above believed tod accounts were not subject to estate taxes ?
Last edited by mathjak107; 03-22-2014 at 01:58 PM..
I need some serious advice on this matter. All PM's appreciated.
Situation:
Oversees property to the tune of 8 figures. I am planning on selling and re-investing it in the US.
I am looking at CPA's or wealth planners for the same. Any suggestions?
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