Retirement Ready with David Kopyc-Relocating to Another State During Retirement

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Episode Transcript

(00:00):
I'm always happy on Friday morning becauseit means I get to talk with my
friend David Kopek, who is presidentof the Retirement Planning Group. Now Dave
has his own show on our sisterstation. You've heard me say this eight
ten and one oh three one WGY. It happens every Saturday morning from seven
to nine. Good morning, David, how are you? Good morning,

(00:20):
Jamie Tgif it's another Friday, Andlike we just said, it's the weeks
go by awful quick, don't they. Gosh, they really do. I
can't believe it's gonna be May already. I mean, it's insane. May
Day, Mayday, may Day.Yes, indeed, indeed, he first
Monday is the first. That's right. That's hard to believe. I know,

(00:41):
it's crazy. It's so I feltlike we just you know, went
into April, we had that snowstormwhatever. Anyway, you know, it
goes by so quick. They alreadygot the damn Christmas decorations out at Sam's.
Oh my god, I hope thatthat's not true, but it wouldn't
surprise me if it was. It'samazing. Every year it gets closer and

(01:03):
closer, you know, August,and they got Santa Claus in the window.
That's true. It's true. Ialways take a picture and post it
because I just think, all right, here we go, Merry Christmas.
So hey, let's talk for aminute about something that I might be thinking
of doing when I retire, andthat is relocating to another state. I

(01:23):
would never leave New York all theway, but I, you know,
might want to live somewhere else partof the year, and a lot of
people do that, retire to anotherstate, leave New York. Is there
any investment or legal issues that shouldbe considered? Yeah, I think so,
Jamie. You know the thing,this is a question that we get
all the time for clients that arerelocating. Typically, what happens in the

(01:47):
common theme that I hear my daughter'sliving in Ohio, my daughter is living
in the Carolinas, and we wantto be closer to the grandchildren. Right,
So it's not necessarily you're moving toa warmer climate. A lot of
times seniors are moving closer because theywant to be with their family and their

(02:09):
grandkids. So we always say tothem is that it's got to be state
specific, because every state is differentin regard not only in regard to your
investments. Your beneficiary forms, butyour trust, your legal documents, your
power of attorneys. So I can'tover emphasize this enough. Before you pull

(02:30):
the trigger and you move out ofNew York and you go to another location.
I know everybody worries. You know, I might pick in the right
house, the right neighborhood. Youbetter make sure you're going through your documents
and make sure they're up to speedwith the rules and regulations of the new
state and legal issues and document samething. No, like New York State

(02:53):
is entirely different than Massachusetts, NewYork State is entighly different than Florida.
And you know, the thing isis that I can't over emphasis especially if
you have trust documents, right trusttrust documents. There are huge advantages of
having a trust in New York Staterather than doing it in another state because
of one key thing. It's calledpartial revocation. So if you're moving to

(03:16):
another state and you're thinking about settingthe trust up in the state that you're
moving to, we would tell younot to do that. We would tell
you to set the trust up herein New York State because you're going to
get more bells and whistles and believeit or not, New York State is
one of the most liberal in regardsto irrevocable trust. Wow, that's really
important information to have, because you'reright, a lot of people do move,

(03:38):
as you said, to be closerto the grandkids, or go to
a warmer climate or whatever it mightbe. So, um, why would
people do that? Why would talkdinner? Hey? I need Hey,
there's that, there is that.Um, you're gonna talk more in depth.

(04:01):
I'm assuming tomorrow morning about this.Yeah, yeah, yeah, yeah,
because we're seeing it. You know, I don't have to tell you
there's a mass exodus in a lotof ways from New York State. Yeah,
for a lot of reasons, youknow. But the big thing is
is that make sure you dot anda rise and question your ties because you
know, a lot of people justdon't think about it. You know,
what do I need to do withmy legal documents, my financial documents.

(04:23):
They got their bags packed and they'reready to go, and they already bought
the house and they haven't done anyof this type of planning. Okay,
Yeah, so that needs to bedone ahead of time. And tomorrow morning
from seven to nine on our sisterstation eight ten and one O three one
WGY. David will spend a lotmore time on this and you'll get a
lot more information, and you canalways contact David yourself five one eight five

(04:46):
eight zero one nine one nine oryou know what, keep it simple,
RPG retire dot com, rpg retiredot com. David, thank you so
much, always good to talk toyou, my brother, have a wonderful
weekend you Jamie, God blessed bybye.