What you need to know about OUR move & YOUR move!

Big news on Shah Plan-It tomorrow! 🎉 Some of you may already know, but we are moving! Tune in tomorrow for details. And that reminds us 🤔 what financial planning, tax planning and estate planning considerations should you be thinking about if you are considering a move? You know we can't pass up an opportunity to educate the community. 😉 Looking forward to seeing you on May 2 at 8:45 AM!

Our new address is:
777 Scudders Mill Rd Building 4, Suite 101 Plainsboro, NJ 08536

May 02, 2023

Transcript

 Hello and welcome to Shah Plan-it for May 3rd, 2023. You ever wonder how these things go down? There's actually a magic to it without trying to break it, but do you don't wanna get your fingers caught in it and voila. So you're seeing a bunch of empty walls behind me. You're seeing me take stuff down.

What is going on here? Well, no, we are not shutting down, but we are moving. Excitement. Yes, we are moving offices. Now, some of you I've spoken with individually, some of you have, I have not had a chance to speak with. So before I get into that, let me just tell you what we're gonna talk about today. When you move, There are things that you need to consider from an estate planning standpoint, from a wealth planning standpoint, from a tax planning standpoint.

What are those things you need to think about? More on that in a minute, but yes, we are moving offices. In fact, we're moving to Plainsboro, New Jersey. So maybe it's another 10 minutes up the road. Not that far. It is a larger space. It is a newer space. It doesn't mean my commute goes up a little bit for those of you who know, but I'm not worried about that.

I would do it for you, but there's some other exciting, super exciting things coming on right now. Stuff that I can't share just yet on this platform. But if you reach out to me, I am happy to share with you individually. Now, what if you are moving, oh, by the way, that seven, that address is now going to be 70 77 Scuds Mill Road.

So those of you who play the lottery. Or those of you who actually play the slot machines, you know, 7 77, there's some luck there. I'm not guaranteeing anything. This is not legal advice, financial advice, tax advice. This is for information purposes only, yada, yada, yada. So, but moving is an exciting time.

There's a lot of excitement. It is a pain in the neck. There's a lot of stuff that had to come off the walls. There's a lot of stuff that has to get packed up, and we're still in the process of it. But if you or a loved one is moving, what do you need to know about your estate planning? What do you need to know about your financial planning and what do you need to know about your tax planning?

Well, there's some easy things like updating your will, update your estate planning documents. You know, I always think it's a good time to review your beneficiary designations. That's important as well too. And depending on the state that you're in, and depending on how probate works out, you may want to consider a trust.

Trusts aren't right for everybody, but some states like New Jersey is considered a fairly easy probate state. I'm not saying you should go through probate in New Jersey, but for some people, new Jersey's a considered an easy probate state For others states like New York, California, no Bueno not so good on the probate side.

So those you want to avoid probate from a financial planning perspective, moving's expensive. Moving off is expensive too, even if you're just moving 10 minutes up the road, but you wanna create a budget, you wanna know how your, retirement savings are going to work in that new abode. Are you going to be a snowbird move out when the weather gets bad and then move back when the weather gets better to your local place?

Well, if that's the case, then where are you gonna be a resident and what are those tax implications going to be? Whether you stay in Florida versus New York or New Jersey. Look at your insurance needs. Where are your medical providers? Look at your, your retirement savings and how are they gonna stretch out?

And then from a tax planning perspective, know your local taxes. Are you moving to a tax friendly place? Like Texas, Florida, Nevada. Are you moving to a tax not so friendly place like California, New York, or New Jersey? I mean, I know we don't let taxes drive everything we're gonna do, but it's, it's a factor.

You know, New Jersey you're looking at 10% ish, 10.75 at the highest rate. California what? 13 versus Florida? Zero. So know what that is and then know what you're getting for that too. Right, just cuz you're not paying state income taxes, you might be paying something else on the other end. And then keep in mind, are there certain deductible expenses?

If it is an office move, if you have a a business, there might be some things to keep in mind with respect to those moves too. So just some considerations. If you are considering your move, I hope you come to visit us in our new office. There will be some, some information. If you're on our newsletter list, you'll be getting some newsletter.

Blast information about this new office space as well too. We are super excited about it. Plainsboro New Jersey. Here we come. We're still in the same county 10 minutes up the road and yes, I am still a Monroe residence, so, what is it, year 17, almost 17 and a half years now in Monroe Township. So Monroe Township is still home for me.

All right guys. Stay safe, stay well, enjoy May and may the fourth be with you tomorrow. It is Star Wars Day, so, Get those lightsabers ready to go, be well. Be safe. Have a fantastic day, and join me next week on.