Episode 114: Establishing Residency In A New State, Pension Problems & Consolidating Accounts

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Today’s Smart Money Question:

Today’s episode will look at how you could possibly establish residency in a different state as part of your tax planning. We will also answer questions regarding what to do when you have a pension with no survivor benefit and how to consolidate your retirement accounts.

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

There are many different strategies when it comes to tax planning to save money. One of these strategies includes moving or establishing residency in a different state that will be tax efficient. There are many questions to consider before making the move but it could end up being very beneficial. Matt Hausman runs through these items and explains when it could make sense.

Pensions can be a great income vehicle during retirement but how they will proceed its owners death is often an overlooked part of survivor ship planning. It is important to evaluate your situation, know your options, and plan for the surviving spouse.

Taking advantage of employer sponsored plans, buying stock, and saving for retirement are all smart choices. However, when someone has so many accounts they cant keep track of them, it can become an issue. Consolidating accounts can minimize paper work and keep portfolios organized.

Check out the show and utilize the timestamps below to skip ahead to a specific topic in the show.

[0:28]– Bring on the new year and take us back to Y2K.

[4:11]– A women in California died but was still enrolled in a cable contract leaving the early termination fee to her estate.

[5:30]– President Trump changed his residency from New York to Florida which raises the question, should you consider this too?

[6:20]– Lets look at how tax planning can help determine where you should establish residency.

[7:23]– How does income and estate tax factor into the planning?

[10:15]– What other factors should be considered before making the move?

[11:07]– The importance of survivor ship planning. 

[12:30]– What to do when you will be receiving a pension.

[14:05]– What can be done after a pension plan has been chosen. 

[21:00]– Why your accounts should be consolidated and how to organize them. 

[23:55]– A look at better organized accounts after consolidation. 

 

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