Retired Widow Relocating To Florida
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RETIRED WIDOW RELOCATING TO FLORIDA
After losing her spouse, client wanted to explore the option of moving to Florida.
THE SITUATION
- New York resident for the previous 30 years
- Strong desire to downsize large home
- Subject to a $600,000 NY estate tax upon death
- Two adult children living in NY; no grandchildren
OUR APPROACH
- Helped evaluate pros and cons of moving to Florida (income tax, estate tax, access to health care, etc.)
- Modeled the impact of the move on the financial plan (prepared scenarios on new property expenses, club membership, family travel expenses, etc.)
- Reviewed Social Security benefits and survivor options
- Borrowed against the portfolio on margin at very favorable rates to purchase the new house in FL before selling the residence in NY
- Introduced her to an estate attorney in FL to re-domicile her documents, retitle accounts, and change beneficiaries
SIGNIFICANT RESULTS
- Relocated to Naples, FL in a community that supports her active lifestyle
- Funded a $1M home purchase in FL with a 6-month bridge loan costing only $5,000
- Eliminated the $600,000 NY estate tax and the annual $20,000 NY income tax
- Maximized Social Security by collecting as a surviving spouse while deferring her own benefits to grow 8% per year until age 70
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