WE HAVE A GORGEOUS WORKOUT
COMING UP FOR THE NEXT WEEK.
IT WILL BE GETTING COLD BEFORE
WE KNOW IT.
THAT WE KNOW THAT TO BE TRUE.
SOME PEOPLE ARE THINKING ABOUT
HEADING SOUTH.
WE ASCARTE MONEY EXPERT FOR
ADVICE ON BECOMING A SNOWBIRD.
A LOT OF TIMES, PEOPLE HAVE
PRECONCEIVED NOTIONS THAT DON'T
ALIGN WITH REALITY.
JUSTIN SMITH JOINS US NOW.
NICE TO SEE YOU.
NICE TO SEE YOU AS WELL.
FIRST OF ALL, WHERE WOULD YOU GO
IF YOU COULD BE A SNOWBIRD.
THAT IS A FUN QUESTION.
I WOULD PROBABLY GO TO
SOUTHERN CALIFORNIA.
I HAVE NEVER REALLY SPENT SOME
TIME THERE.
IT SEEMS LIKE IT TO BE FUN.
MAYBE SAN DIEGO.
STICK GOOD CHOICE.
THAT IS MIGHT WAS, TOO, IT OUT.
SO IF YOU'RE GOING TO
CALIFORNIA, IT SEEMS LIKE A
VERY SMART FINANCIAL MOVE.
NICE LOW TAX STATE, SOUNDS
BRILLIANT.
WHAT COULD GO WRONG?
RIGHT.
I DON'T SO WHERE DO WE START
WHEN WE TAKING ABOUT THAT BUT I
GUESS THAT LOCATION IS NOT A
BAD PLACE TO START, RIGHT?
BUT ECHOLOCATION IS A REALLY
GOOD PLACE TO START.
YOU WANT TO DO YOUR RESEARCH ON
THIS ONE BECAUSE JUST LIKE WHAT
WE JOKINGLY SAID, IT IS NOT ALL
THE SAME EVERYWHERE YOU GO.
AND IF YOU WANT TO GO SOMEWHERE
WARMER THAN MINNESOTA IN THE
WINTER, YOU HAVE LOTS OF
OPTIONS.
SO, YOU KNOW, WHAT I ALWAYS
TELL PEOPLE IS, YOU KNOW, IF
YOU'RE LOOKING TO GO SOUTH,
DRINK TO WIN, YOU KNOW, YOU MAY
ACTUALLY WANT TO JUST TRY TO
LOOK AT FOR EXAMPLE, WENT
RANTING TO START OFF JUST TO
TRY IT OUT FOR A WHILE.
IF YOU WANT TO DIVE RIGHT IN OR
NOT.
DO YOU HAVE TO CHANGE YOUR
RESIDENCY?
OR ARE THERE FINANCIAL BENEFITS
TO DOING THAT?
WHAT WAS THAT?
I DID NOT COUNTRY.
THEY RECOMMEND CHANGING YOUR
RESIDENCY TO STATES THAT YOU'RE
THINKING ABOUT SNOWBOARDING?
SURE.
A LOT OF TIMES PEOPLE WILL SAY,
WE ARE LOOKING TO THE, EXAMPLE,
MOVED TO FLORIDA FOR THE WINTER.
I WILL SAY, HEY, CAN WE CHANGE
OUR RESIDENCY BECAUSE THEY HAVE
NO INCOME TAX.
STATE INCOME TAX, THAT IS.
THAT IS A LOT MORE COMPLICATED
QUESTION TO GET INTO.
BUT REALLY, WHEN YOU WANT TO
CHANGE YOUR RESIDENCY, WE KIND
OF JOKE IN THE FINANCIAL
PLANNING WORLD THAT MINNESOTA
IS KIND OF LIKE THE HOTEL OF
CALIFORNIA.
AND WHAT I MEAN BY THAT IS THAT
MINNESOTA DOES NOT WANT TO GIVE
UP ITS TAX REVENUE VERY EASILY.
THERE'S A LOT THE THINGS YOU
HAD TO DO TO REALLY PROVE THAT
YOU DON'T -- FOR EXAMPLE, IF
YOU WANT TO BECOME A FLORIDA
RESIDENT, YOU HAVE TO LOOK AT
THE THINGS LIKE, HEY ARE YOU
GOING TO BE THERE MORE THAN SIX
MONTHS A YEAR?
HAVE YOU REGISTERED YOUR CAR
DOWN THERE?
DO YOU VOTE DOWN THERE?
ETC., ETC.
SO IF YOU REALLY WANT TO CHANGE
YOUR RESIDENCY IN ORDER TO
ENJOY THEIR LOWER ESTATE INCOME
TAX I WOULD STRONGLY RECOMMEND
THAT YOU WORK WITH THAT TAX
ADVISER WITH THAT SO THAT YOU
ARE STARTING YOUR "I"'S AND
CROSSING YOUR T's.
TRYING TO CHANGE THE
RESIDENCY.
AND IT WAS A PAIN TO TRACK ALL
OF IT AND TO MAKE SURE YOU WERE
GONE LONG ENOUGH AND IT IS NOT
GOOD ENOUGH TO BE GONE MONTHS
IN ONE DAY LIKE THE STATE REALLY
AS YOU SAID, THE, THEY ARE
WATCHING THIS CLOSELY.
SO REALLY, IT IS ALL ABOUT HEY,
THIS IS MORE OF A LIFESTYLE
DECISION THAN A MONEY DECISION,
RIGHT?
YEAH.
I MEAN, BECAUSE WHEN YOU'RE
LOOKING AT MOVING, I ALWAYS
TELL PEOPLE, YOU WANT TO LOOK
AT THE FULL COST OF IT BECAUSE
OFTEN, PEOPLE WILL CALL ME UP
AND THEY WILL SAY, HEY, I FOUND
A CONDO IN FLORIDA FOR $150,000
PER MIGHT BE ABLE TO COVER THAT
MORTGAGE.
AS WE ALL KNOW WITH
HOMEOWNERSHIP AND CONDO
OWNERSHIP, THERE'S A LOT OF
COSTS.
YOU KNOW, HOMEOWNERS
ASSOCIATION, PROPERTY TAXES,
ETC., ETC.
FINANCIALLY, IS IT ALWAYS THE
WISEST THING TO DO?
PROBABLY NOT.