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A Wiser Retirement®
305. Just Moved to a New State? Here’s Your Financial To-Do List
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In this episode of A Wiser Retirement® Podcast, Senior Financial Advisor Shawna Theriault, CFP®, CPA, CDFA® is joined by Financial Advisor William Medcalf, CFP® to discuss the financial implications of moving across state lines, and how a change in location can also mean major changes to your financial life.
Related Podcast Episodes:
- Ep 77: Tips for Moving to Lower Tax States
- Ep 274: Buying a Home in the Best School District: What You Need to Know
Related YouTube Videos:
Should I invest in real estate or stocks?
Second Home Considerations: Tax Implications of Multiple Residences
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Financial To-Do List for Moving States
Speaker 1And hopefully you've looked at what the new state tax rate is before you've considered moving there. You don't show up in like California, new York, and go oh the cost of living is totally different and now the taxes are really really high.
Speaker 3Yeah.
Speaker 1And planned for that. Welcome to a Wiser Retirement Podcast. Are you curious about what to do with your finances when you move to a new state? I'm Shauna Theriault and today I'm joined by William Metcalf. Each week, we bring you practical advice on retirement, investing and planning for your financial future. Don't forget to subscribe to the podcast wherever you're listening. Let's get started. Good morning.
Speaker 3Good morning, how are you?
Speaker 1I am great. How are you?
Speaker 3Doing good.
Speaker 1Yeah, this is our first time doing a podcast together.
Speaker 3Yeah, this is exciting.
Speaker 1You've been on it several times, but I've never been on it with you, so and we work together all the time.
Speaker 3So we do. This is our team.
Speaker 1Yeah, you, me and Alex, so it's awesome, um, although we don't talk about this topic very often, kind of like a financial to-do list, but, um, we were just talking beforehand, though you have a new little baby. Have you already talked about Lucy on the air? I?
Speaker 3don't think so no.
Speaker 1Lucy.
Speaker 3Jacqueline, she's six weeks old, almost seven weeks old actually tomorrow, so it's so funny when you first have a baby. It's like you do by weeks and then you go by months and then and then we ask dads and meetings with the birthdates of their kids and they're like, uh, I don't know, but that's, that's normal.
Speaker 1So I know it in weeks, not the date Right, right, are you getting asleep?
Speaker 3A little bit, yeah, here and there. Uh, my wife gets up more than me, obviously with her, and so I actually get pretty good sleep, so I cannot complain at all, and she's she's a pretty good sleeper. Um, she gets up one or two times a night right now. Okay, I can't really complain yeah, I, we used to.
Speaker 1I was joking with you before. I was always like. You know, there's no tired like newborn tired it's true, there's no.
Speaker 3It's true it's like.
Speaker 1It's like a whole new realm of you know the tired so yeah oh, I mean no, you brought her in the office, though, so it was so cute to see her.
Speaker 3Yeah.
Speaker 1She's adorable, thank you. Anyway, today we're talking about moving to a new state and things to think about and some things you may not think about when you're moving to a new state. Kind of like a here's a financial to-do list and moving in a checklist, if you everybody likes a good checklist, so I'm sure it'll be in the meeting. It's what the checklists are. But I mean first just you know legal and government requirements. Yeah, I don't know, just you know. What kind of things should they be thinking about, william?
Speaker 3Yeah, driver's license is a big one, so there's usually a window on that between 30 and 90 days obviously depends on the state that you move to. Um so that's an important one yeah um, usually they'll let you update your voter registration, you know either.
Speaker 1I don't know if it's the exact same piece of paper, or if it's like once you the next one. Yeah, I feel like once you put your driver's license there, isn't it like, doesn't that automatically send it to you? I feel like it because, like my oldest daughter, she just just turned 18 in April and all of a sudden it was a new thing. We got, like her voters registration in the mail and I was like, oh, this is weird. My daughter can vote now.
Speaker 3Yeah.
Speaker 1Um, so I don't know if that's automatic.
Speaker 3Yeah, I think I don't know. I feel like I remember maybe it's by County but, I remember filling out a separate piece of paper one time when I moved, so I don't know.
Speaker 1Okay.
Speaker 3Um, anyway, registering the vehicle in the new state as well. I'm sure that's accomplished through the local DMV.
Speaker 1Yeah. Everybody's favorite Um waiting in that line?
Speaker 3Yeah, Um, you know, getting your tags and all that stuff updated, um, to make sure you're in compliance there. Uh, changing this is important. Actually, you know, changing your address with the USPS, so you're making sure that your mail isn't going to your old address. Oh yeah, as somebody who lives in an apartment, I would love it if more people did this.
Speaker 1I feel like.
Speaker 3I'm getting mail from you. Know five other people who live there before me.
Speaker 1But you probably are. Yeah, I am, you probably are.
Speaker 3But yeah, you don't want your mail going to somebody who you know maybe. I mean, I'm not opening other people's mail, but it's like I could.
Speaker 2Yeah.
Speaker 3You don't want your important documents going to somebody else's house, right?
Speaker 1Exactly, and it's like forwarding all your mail and all that too. I don't know. I feel like we don't get mail a lot.
Speaker 3Everything's electronic, so these people did so. Everything's paper.
Speaker 1Yeah Well, and then, and then, I guess like thinking about changing, since we're talking about change, about just changing all your accounts. You know all of that if you have designations, like we do, changing on designations, all of that. So it's like changing in all your bank accounts, changing it on your brokerage accounts, retirement accounts, all of that.
Speaker 3Right, and that, yeah, that matters too, especially if you're getting paper statements, because that has account numbers and balances and all that stuff on it as well. So if you're, getting stuff from Schwab or Fidelity or whoever you use. You know that's. That is going to go to your old address until you change that Absolutely.
Legal and Government Requirements
Speaker 1And I think with the IRS it just gets changed once you file your new tax return in the new with a new address. I believe is how it gets changed there. But you can do that in things like Social Security, things like that as well, right, pensions, you know wherever. That's a lot to change all your addresses actually.
Speaker 3Yeah.
Speaker 1Some you may not think about as more like insurance and thinking like that as well. You know, getting new auto insurance when you move across state lines. Looking at your, I mean obviously, if you buy a home, getting home insurance or renter's insurance, things like that.
Speaker 3Yeah.
Speaker 1Um, so I, the auto insurance most states require you to do within like 30 to 60 days just to notify and change it over, and there's some carriers that may you know, depending on if you're leading to Florida or some state like that and the cost may change as well. Yes.
Speaker 3If you're moving to Atlanta, it will probably go up where you are.
Speaker 1Right now insurance is crazy in. Atlanta. It's becoming like Florida here in Georgia.
Speaker 3So, yeah, that's something to pay attention to as well. Cost could change with that, depending on where you're moving to or from.
Speaker 1Absolutely.
Speaker 3Updating your address for health insurance and then, obviously, finding new providers in your network. You know, once you get that set up with, if you're changing employers or health insurance provider, you know, just making sure that you have somebody there as well.
Speaker 2Yeah.
Speaker 3And you just mentioned renters and homeowners insurance, and then you know, rates may differ based on location.
Speaker 1Yeah, exactly.
Speaker 3Yeah, and then life and disability information as well, and some of that may be like through your employer.
Speaker 1You know, just because if you're changing jobs or moving I mean sometimes you work remotely and you're not really changing employers, you're just moving locations.
Speaker 1So you know, maybe moving to another state, but you work remotely. There's more remote work now than there ever has been, right, so it may. You know you may do that through your employer. But, like to your point, you know standalone life insurance policies. You want to make sure you get your premiums sent. You know premium notices so that you get your insurance policies and all of that. Yeah, so that may be one you don't think about because it's an annual renewal usually for, like, life insurance and disability. Right, making sure that's correct. Yeah, as far as your taxes and income updates, you know going through updating your address to your employer for tax withholding purposes, because obviously your state tax and hopefully you've looked at what the new state tax rate is before you've considered moving there.
Speaker 1You don't show up in like California, new York, and go oh the cost of living is totally different and now the taxes are really really high.
Speaker 3Yeah.
Speaker 1And planned for that.
Speaker 3So yeah, yeah, I mean, you don't want to keep withholding the same amount if you're moving from a state with state tax to a state with no income state income tax because you want to pocket that money now.
Speaker 1Yeah, so you probably have to update your W-4 for your withholding and all that with your employer. So, especially if you're staying with the same employer, just moving states, you'd have to let them know. But usually when you're starting a new job, if you're moving and starting.
Speaker 1They'll give you the forms usually, so that's not a big deal. Yeah, Something else I was thinking about too when we were looking at this and it may be hard to solve for but if you change employers halfway through the year and you've already met like the Social Security you know withholding. I don't know that you can adjust that, but you definitely have to get a claim, meaning there's a cap to how much you have to pay into Social Security each year. There's not for Medicare, but there is for Social Security as part of your FICA taxes, and so you may withhold too much that year and that will flush out on your tax return.
Speaker 3So I was thinking about that Just meaning that once you pay in, it's what is it?
Speaker 1170,000 ish around there One 65, one 70, something like that.
Speaker 3Then there's no more going in and you know those of you who make more than that. You realize that you're, you know you're withholding changes throughout the year.
Speaker 1Right.
Speaker 3Once you hit, that amount stops. But your new job may not know that. Right so they're going to keep holding that outside of your income and withholding that for tax purposes.
Speaker 1Yeah. So to your point, if you make let's say you already made one hundred and seventy thousand that year and it already stopped, and then you change jobs or go to a new employer, they're going to still probably withhold that Right. I don't know if there's a way to negate that, but I do know that if you over withhold you will get a refund on your tax return for it or be applied as a credit on your tax return for over withholding that Right. So that's you know something to think about as well and just be looking for it. So this is a big thing with tax returns, your partial year returns. So if you're living in one state for part of the year and then another state for the other part of the year, you may have to file two tax returns, one for each state for a partial year. So that's something different to think about too. You wouldn't have to worry about that until, obviously, april, but I did that.
Insurance Considerations Across State Lines
Speaker 3So when I got married a couple of years ago my wife she had income in multiple states and then we were filing our first time jointly and so that tax return I did it myself but it was kind of a mess doing all of that through.
Speaker 1I guess I used TurboTax or something like TurboTax, so you just did multi-states in TurboTax. Mm-hmm.
Speaker 3Okay, it wasn't TurboTax, it wasn't TurboTax, I think it was another one of those. It was basically TurboTax, but that tax return was kind of a mess.
Speaker 1So you can do like multiple states there. Well, because on your W-2, it shows what states and all of that and has, like the state tax code, the tax code and all of that as well. But you just have to. Yeah, so when you're moving, you have to file like partial year for each one. So when you're moving, you have to file like partial year for each one, right? So that's kind of a pain. So just be thinking about that for your taxes. So you may want to have a CPA, do your taxes for that year if it's a little too hard to figure out.
Speaker 1Yeah, but hopefully you have researched what the new state tax rates are before you move there. So there's no surprises there. So be thinking about that. If you're looking at, you know, just in general, if you're looking at moving out of state and changing jobs, or even staying with the same job and living out of state, you want to consider the cost of living, you want to consider the state income tax. You know and look at the differentials there.
Speaker 1What is the cost of homes you know, equivalent to what you live in now or where you?
Speaker 3want to live. Or the sales tax, right? Yeah, we were just talking about that with somebody recently For Tennessee. Yeah, because you know you see no state income tax and that sounds really good. But then you realize that I don't know what the exact rate is.
Speaker 1I feel like it's like 15% or something it's like. I mean it's at least 7 to 10.
Speaker 3I can't remember exactly and it's that's higher than.
Speaker 1Georgia's state tax. You know Um, but I mean we pay state tax too in Georgia, but um, but that's still. I mean it adds up over time for sure. Yeah, it's, it's um, so it's only obviously when you're buying stuff, but I mean when you're buying something large there. That's what we were talking about, cause we have, we have clients that live like right by the Georgia Tennessee line and they go over the line to go shopping in Georgia.
Speaker 3Yeah, costco is right across the state line from Chattanooga.
Speaker 1It's uh whatever that town is up there.
Speaker 3Trenton maybe, but it's like, I don't know, like five minutes from the state line. That's so funny, it was like that's a lot.
Speaker 1Of you know rigmarole to like save time. But if it's like right there, I guess you know it's not that big of a deal. It's just kind of funny to like cross the state line, go shopping there and come back. But I guess whatever it saves saves a dollar or two.
Speaker 4Before we get back into the episode, have you ever wondered why annuities keep coming up as a recommended investment, While they're often pitched as a way to reduce risk and secure your future? Annuities frequently benefit the salesperson more than the investor. Download our free guide. Buyer, Beware, why Do they Keep Trying to Sell you that Annuity at wiserinvestorcom? Forward slash guides. Now let's get back to the episode um also thinking about homestead exemption?
Speaker 3yes, so what is home? Do you know what homestead exemption is? Yeah, so that's where you're not paying school tax anymore. Is that right for retirees?
Speaker 1well, you're, you're just so. That is for retirees, is for the school tax. But homestead exemption is basically that you're, it's your primary home, so you get sort of a discount.
Speaker 1So like this is my homestead. So like you can't do it with, like rental properties, you can't do a second homes, so it's only wherever you're domiciled in your primary home. So you can file that homestead exemption and get a little bit of a discount because it's your primary home. Basically you still pay the school taxes, so it's just kind of gives you like a credit, kind of like a tax credit against it. But a lot of people forget to do that. So you get your county taxes and it's like oh, did I file a homestead exemption? So when you move and then you won't have it on the other home, you know.
Speaker 1So, it's like wherever you live is primary. Obviously, if you're renting, you don't have to do that. So you know, if you're renting someplace and you don't file a homestead exemption, so that's fine as far as employment and benefits and things like that. What are the things that you think is part?
Speaker 3of the checklist we should be thinking about. Yeah, likely, if you're starting a new job, they'll assist you with that process. Obviously and if you're listening to this, you probably have been through that process or you know something that onboarding process. But if you're with your current employer, obviously like we've mentioned before, with tax withholding and things like that but you know, you want to notify your HR department. We have a lot of pilots that live in different states from where they're based, so that's an example of that.
Speaker 1And military too, military as well.
Speaker 3You know, you just want to make sure that those things are taken care of. And then you know things like your professional licenses transfer and you don't need new ones across state lines. Right, so like a CPA was the one that, yeah, go ahead no a CPA designation.
Tax Implications of Changing States
Speaker 1It's like you know I'm licensed in Georgia so you would have to. So if you up and leave, you have to get licensed in that state and see the requirements are for each state. So it's like doctors, accountants, I think attorneys, maybe insurance yeah. Certain kinds Attorneys, I believe too.
Speaker 3Yes.
Speaker 1You know, so you have to. Anything I guess requires a license in that state.
Speaker 3You have to look to see what is what you have to do to renew it over there or change it over there. Yeah, and hopefully you've thought about this before deciding to move because that's important, exactly.
Speaker 1But some designations you don't have to. You just have to tell them you moved, you know, and you don't have to like reapply somewhere else. So it doesn't. So it depends Usually depending on your designation or your professional license. You know if you've registered through the state that you have to go to the other state because you've already done the process in the state you're in.
Speaker 1So it's kind of like, but you may not think about that. So you definitely have to do that, changing your retirement account options and looking at that. So if you're leaving employers and going somewhere else, you may want to, you know, roll it to an IRA or even put it in a new, your same plan. Move it, meaning move it to the current plan you're in, if the plan allows for that. Sometimes it's better to do that than put it in an IRA. So just be thinking about I don't know. We've come across a lot of people that have changed jobs. That necessarily is not tied to like moving out of state or anything where they just have, you know, 401ks at various places. It's just more for you to keep up with in terms of your beneficiaries and the. You know the allocations, the trading, yeah, right, and so if you're not really monitoring it, then you know cause it's kind of just all over, yeah.
Speaker 3If the options are good in the plan, then you can also roll it. Like you were saying, you can roll it to the new plan. But that's something that you would want to evaluate too, Cause if the options are not good in your current plan, then you just want what's there to kind of stay there, and then you could. If you roll it to an IRA, you can pick whatever you want.
Speaker 1Exactly.
Speaker 3And do self-market.
Speaker 1Do it self-directed that way, right? No-transcript? Have Lloyd's of London insurance. That sits on top of it, and so you know to me for ease of monitoring your balances, monitoring your allocations, placing trades and then, if something happens to you, your beneficiaries or your powers of attorney helping with it. It's just if it's all over, it's going to be harder to manage in those moments. So I just feel like it's better to consolidate, so that way you're watching it and make it easier for yourself.
Speaker 3Yep, totally agree. Another thing that you could consider there as well if you're changing states, if you're going from a state that has a really high state tax versus a really low or non-existent state taxes, maybe maybe your Roth versus pre-tax decision is impacted by that depending on where you know that that's um coming into play, but it for most people. It's not a huge difference compared to the federal rates, so that's usually where the most that decision takes place, Absolutely.
Speaker 1Another thing I thought about with accounts and we actually saw this with a client recently if you change states, think about where your 529 plan is. Yeah, so we have clients that were, you know, had a 529 established and that's an education account where they're saving for their kids education, Right. And some states have their own plan where you can actually get a state tax deduction, but you have to open it in that state and it's okay. It doesn't matter where they end up going to school, you know, but wherever you're domiciled, wherever you're living, wherever you're paying taxes, you know, some of them have a lot of them actually have tax benefits to the state level if you open a 529 in that state. And so you know, if you move, you can open the 529 in that state and potentially at a tax deduction and start contributing there, Right. So that way it's more beneficial for you.
Speaker 3I mean, sometimes it's small but it still helps, Right. But if you, if you live in a state with a really high state tax or I mean even in Georgia, where it's a little over over 5% that still could save you a couple hundred dollars a year. Yeah, you know, as opposed to not doing it at all.
Speaker 1Absolutely so. I thought about that looking at that, things like that.
Speaker 3Yeah, I mean in banking and financial accounts. We've kind of already touched on this, but you want to make sure that all of your addresses are updated on all of those accounts and different profiles. That's important. If having a local branch is important to you, that's something else to consider. You know if you're using a more local bank now, is that going to be available? You know where you move to, so if that's important to you, then that's something to consider.
Speaker 1I feel like most people just do banking online. For the most part, it's like we're depositing checks online.
Speaker 3Where's the highest rate Right?
Speaker 1We move money around for, like high yield savings. We do that online. I mean, I guess, if you needed to like cash something, or if you need like, a cashier's check or something I guess.
Speaker 3I don't know.
Speaker 1What's a check?
Speaker 3I don't even know if my daughters know what checks are.
Speaker 1They probably do. They've gotten paychecks that way before if it wasn't through auto payroll, but it's like they don't write checks, though. You know they have checking accounts with no checks.
Speaker 3Yeah, we use Venmo and Apple Pay. Oh, that's true, that's what we do. No-transcript. This is like a supposedly legitimate company and they were getting paid through Venmo.
Speaker 4Really yeah, yeah, that's really. You should probably just quit that job Cause they're.
Speaker 3they don't have the time or energy or effort to set you up with like a proper table. I don't know yeah.
Speaker 1Not that you want to do something wrong.
Speaker 2But it's like it's going through Venmo.
Speaker 1Do I really claim it or am? I not getting the W2?. Right Um, I guess you'll find out in January or February of the next year if it was2.
Speaker 3Right.
Speaker 1That's a weird situation. I guess you'll find out in January or February of the next year if it was legit, right? That's kind of scary. Those first jobs are always like that, though, harry Canary. Yeah, so I feel like a lot of banking is just done electronically, but sometimes you want to, I don't know. I feel like sometimes you need a signature medallion guarantee for a form if you're doing a transfer, which is kind of like a notary, but it's a higher equivalent of a notary, exactly so only like a bank or a trust company can do that, or a custodian.
Speaker 1So sometimes you need that or sometimes you just need to get cash out, you know. But even with like I use Charles Schwab for banking and they don't have a brick and mortar bank, it's just online. But when you go withdraw at an atm they reimburse you the fees yeah so it's like I don't feel like you know I can still do that, but I can't deposit cash so that's the only thing you know.
Speaker 1Um, so if you want to deposit cash, maybe doing that, but sometimes it's good to have a credit union too if you're trying to do a loan, or a local bank where you're doing real estate locally. Yeah, because they know the real estate market better, they know the loans. Sometimes the smaller credit unions or the smaller banks, or the more boutique-y ones, if you will they portfolio the loans, meaning they don't sell them, and so you can do a little bit of different things if you're buying real property and all.
Speaker 3Sometimes it's nice to be a bigger fish in the pond, if you will. So. I mean I'm thinking of somebody I know specifically, but they're at a smaller bank and because of their situation they're kind of one of the higher end clients there at that bank.
Speaker 1So that's something to consider as well, if that's something that's important to you. So they probably get traded different.
Speaker 3They get a lot of benefits from that.
Speaker 1Yeah, I'm sure, and just make sure it's under FDIC, no matter what, because if the bank fails you know smaller banks they have sometimes a little bit more financial troubles in times of decline. So you want to make sure you're under FDIC.
Speaker 3Yeah.
Speaker 1Well, really, in thinking about like long term and more strategic things to consider in financial planning and with your advisor really, I mean, hopefully you've already looked at the numbers with your advisor before making this decision of a move Right, just as a checks and balances, you know, is it going to work financially to sell this house, buy this house or move across state lines, or do my job change or, you know, is the cost of living different, all of those things.
Speaker 1So hopefully you've already looked at that prior to making a decision, not after the fact.
Estate Planning Documents for New States
Speaker 3And can your advisor work in a different state? Some smaller advisors can't. No-transcript.
Speaker 1Like I know, in Louisiana and California there's so many like stringent rules that you know we we definitely have clients there, but sometimes, like with the estate planning, it's like I have to get an estate planning attorney, of course, because I'm not an attorney, but in California or Louisiana for those states just because their their languages are a little bit different, yeah. So making sure they understand the tax laws, all of that, um, and one of the biggest things, too, is updating your documents, or looking at that.
Speaker 3Yeah, yeah. So if you have, you know, current estate planning documents that are set up in a different state. Often if you were to pass away suddenly, then those would be used. But it is better to have documents, especially if you have time to get them done and all that. It's better to have documents done in the state that you're domiciled in and just taking into consideration all the nuances of that state's law. Yeah, so that's important to do. Um, you know another thing obviously we always recommend you having a will, basic powers of attorney and medical directives, and then you know if you have property in multiple States and you can speak to this more. It's really important to have a trust so that you can have your assets from multiple States, not have to go through probate in multiple states.
Speaker 1Absolutely and so each. Just to touch on and expand a little bit about what you said so in the medical directives and the financial power of attorney, each state kind of has their own language, if you will. That doesn't mean that what you have is not valid if something happens and you move. It's just that sometimes there's different language and things addressed in what you're domiciled. So you can get with an attorney and see if you know, do I need to change this? Do I have to change this? I know some of the language is like, well, it's really similar, so it's not you don't have to do it kind of thing. But some of them are really like if you move to Louisiana, for example, or you know one of those different states, but you know some of the language is different and it's just a good practice to get it done. But again, that doesn't mean it's not valid, not usable. But in terms of having real property in multiple states and I think Arun and I touched on this in the last estate planning one we did but you know it's really important because if you own, you know, let's say you and your wife Abby own real property in, you know, georgia, and then you move to Alabama and let's say you still have both of those properties.
Speaker 1If something were to happen to both of you, normally it wouldn't just be one, but both of you, depending on the titling obviously then you would have to probate in both States, right? So there's a way to title assets, if it makes sense, potentially in a revocable living trust. So that way it doesn't pass through probate, it passes outside. Because there's no sense in probating two different states, because then you have costs in both states and sometimes you have to pay an attorney. Sometimes you can do it on your own, but most of the time individuals use an attorney, or maybe with guidance from an advisor. But it's a good practice to use an attorney. So it just costs the heirs more, or even the surviving spouse if it was just in one spouse's name. So you know it's a good practice. Now if you decide, you know, to move to Alabama which I hope you don't, because we want you here, but I don't plan on it. But if you move to Alabama, which I hope you don't, because we want you here.
Speaker 4I don't plan on it.
Speaker 1But if you move to Alabama, I don't know why I picked Alabama just because it's close, like who wants to move to Alabama?
Speaker 1Let's move to Florida instead of just at least water. So if you move to another state and you decide to rent out the property that you left, now that may be different. We may want to do something like an LLC for like, liability protection, because a revocable living trust doesn't offer you while while it passes outside of probate, it's not going to offer you any kind of liability protection. So, just so, it's not just you know. And then there's some states where they just don't do revocable living trust. It's very rare, but there's a couple of states I know where, or they don't do LLCs, and so um I, so you just want to get with an attorney.
Speaker 3Yeah, so you understand each nuance of each state, right.
Speaker 1Exactly. So how is the best to title this and make sure to say this is a rental property or it's not a rental property, you know. So that way you can address that that's a primary home. How should it be titled to make sure it passes, and you know, and the like. But then that's that's also a good point. You know, if you decide to rent out a home you're leaving, then you definitely need to tell your insurance company that, because when you're looking at liability, your umbrella policy you know that's that's the policy sits on top of the liability your umbrella policy. You know that's, that's the policy.
Speaker 3It sits on top of the liability they're going to want to know that that's a rental property, because the risk is a little bit higher if it's not a primary home. Yeah, exactly, and you know, if you're not disclosing things to an insurance company, they can get out of covering your property. Or you know, whatever the situation is with any insurance company If you're not disclosing things properly, you're, you're kind of risking that yourself.
Speaker 1Yeah, that they won't cover it, um, yeah, so just be thinking about that there. There are actually a lot of things to think about when you're making makes you know, that on top of that, when you're like paying movers and you're packing and you're moving, is just hard.
Speaker 3It's a lot even just moving apartments, like I moved from Kennesaw to Woodstock. I guess a little over a year ago. Yeah, and that's not that far, but it's, it's a lot.
Speaker 1It's a pain to move. It really is. It's just like, uh, it's definitely a pain. Well, anything else you think we should be thinking about?
Speaker 3I think that's everything we had today. Um you have some other episodes listed there too. If you know people are interested, I think we should probably compile all this into a list for people. Probably that would be helpful.
Speaker 1Yeah, it would be to have just a checklist of here's things to think about, Cause it's things you don't normally think about. When we were doing, you know, preparing for this, it was like oh yeah, let's add this too. So, um, especially you're in the middle of moving, there's so many.
Speaker 1You're like just turning on the utilities and doing, you know there's so many things to think about when you're moving, and so from a financial standpoint, you know, just even unpacking is a lot, but um, so yes, and if there's other episodes you want to listen to episode 77, tips for moving to lower tax states. Um, episode two, 74, buying a home in the best school district where you need to know that's important to understanding the schools, and all of that. If you have to do private, private school, because that could be an expense, if you're moving somewhere that the schools aren't very good, maybe reconsider. So that's one you can look at. And then we also have a couple videos shared in the notes. Should I invest in real estate or stocks? And then second home considerations tax implications of multiple residences.
Speaker 1Thanks for listening to today's episode. If you're interested in learning more about Wiser Wealth Management or want to schedule a consultation to meet with one of our fiduciary financial advisors, you can do so by going to wiserinvestorcom or by clicking the link in the episode notes. We will see you next week. See you guys soon.
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