Thursday October 16, 2008 - Snowbirds: Protecting Your Estate

[0:05] ..." taking a week off from our examination of what's going on Wall Street. And today we're trying to protect our State's. As we travel around the country."...

[1:04] ..." around looking for more income right. -- email and property. Maybe he real estate taxes in those states have bank accounts register cars insurance but only one state are you living in the other one you're visitor. Now owning property in different states -- are your heirs to go through the probate process upon your death in more than one state. Setting up a trust and having the trust on the real estate may make the transfer of that property much easier on your death. So over it should also consider executing durable powers of"...

[2:14] ..." have two sets diamonds can you cannot rely on Florida. Honoring your Massachusetts. Health Care proxy."...

[0:00]" We're looking at snow birds here on WBZ news radio 1030 with certified financial planner -- taking a week off from our examination of what's going on Wall Street. And today we're trying to protect our State's. As we travel around the country."

[0:14]" Well Anthony if you're living in two states excellent south six miles north may be a great lifestyle but you need one of those places to be your legal domicile your legal residents and as the loss of that state which is going to dictate your state planning. Basically you need to decide which state would be the most advantageous to Diane -- The federal exemption for estate planning the amount you can give away without incurring federal estate taxes for 2008 is two million. But you need to check the state tax laws -- this teacher considering moving -- Many states are now in -- in -- state tax upon the death that there wealthier residents of Massachusetts that exemption is down to one million dollars tree now. So if your state is larger than a million you're -- all Massachusetts estate taxes Florida always wanting to lower those of us who live up north does not have an estate tax. But that may change because they're suffering like every other state around looking for more income right. -- email and property. Maybe he real estate taxes in those states have bank accounts register cars insurance but only one state are you living in the other one you're visitor. Now owning property in different states -- are your heirs to go through the probate process upon your death in more than one state. Setting up a trust and having the trust on the real estate may make the transfer of that property much easier on your death. So over it should also consider executing durable powers of attorney for each State's that they do need legal or financial help making decisions. On those documents are already in place in you have somebody close by you have somebody close -- And the other is be sure you have advanced medical directives from both states. These are simple documents to execute the Massachusetts that your health care proxy and you allow someone to make decisions for you if you cannot make them. And in Florida. If that's trees spank your winters in -- their for a month you want to be sure that you have what is considered of Floridians living will. And within that document you appoint someone to make medical decisions for you. But you need two sets of documents well if you're gonna be there longer than a month yes you should have two sets diamonds can you cannot rely on Florida. Honoring your Massachusetts. Health Care proxy."