new to area

[Andrea.wiltfong]

year round :-)

Originally Posted by 8gv

Ya but BBQ?

[Jeanzb1]

The "novelty" of Florida wears off, as does the warm (hot) weather 12 months a year. At first it was a real kick, and as time went on -- not so much. Wicked hot and humid in the summer. We didn't like riding the elevator up to our condo ten times a day. We didn't like all the board-controlled rules and regulations. We didn't like the idea of 56 condos all squeezed together in one big building. So we left.....and no one loves the lakes and mountains and the life style up here more than we do!!!

[TiltonBB]

Originally Posted by Jeanzb1

The "novelty" of Florida wears off, as does the warm (hot) weather 12 months a year. At first it was a real kick, and as time went on -- not so much. Wicked hot and humid in the summer. We didn't like riding the elevator up to our condo ten times a day. We didn't like all the board-controlled rules and regulations. We didn't like the idea of 56 condos all squeezed together in one big building. So we left.....and no one loves the lakes and mountains and the life style up here more than we do!!!

Would you feel differently if you had the lake in the summer and Florida in the winter?

Would you feel differently if you had a one floor house in Florida and there wasn't an elevator involved?

Would you feel differently if you were not in a building with "56 condos all squeezed together" and had some space?

Just saying: Your view and experience of Florida, and the lifestyle, is not what everyone experiences. What if you could spend 6 to 8 months in Florida, miss the humidity, didn't have an elevator, had your own home and pool, and summered on Winnipesaukee? Would that make it a totally different experience for you?

I realize that it is not something that everyone wants, or can afford, but the negatives you cite may not be what everyone who enjoys both Florida and Winnipesaukee experiences.

[secondcurve]

Originally Posted by TiltonBB

Would you feel differently if you had the lake in the summer and Florida in the winter?

Would you feel differently if you had a one floor house in Florida and there wasn't an elevator involved?

Would you feel differently if you were not in a building with "56 condos all squeezed together" and had some space?

Just saying: Your view and experience of Florida, and the lifestyle, is not what everyone experiences. What if you could spend 6 to 8 months in Florida, miss the humidity, didn't have an elevator, had your own home and pool, and summered on Winnipesaukee? Would that make it a totally different experience for you?

I realize that it is not something that everyone wants, or can afford, but the negatives you cite may not be what everyone who enjoys both Florida and Winnipesaukee experiences.

I thought the same thing. It seems like Jean made a bad (at least for her and her husband) real estate decision. If and when I go I'll rent for a year or two to figure out the lay of the land.

[8gv]

Soon I'll be "new to the area". We'll sell our home in CT when our youngest heads off to college next August.

We have homes in NH and FL. Despite the tax implications, we plan to make NH be our primary residence. Plenty of our time will be spent in FL, especially in the winter months.

Everything in moderation...

[Descant]

Originally Posted by 8gv

Despite the tax implications, we plan to make NH be our primary residence. Plenty of our time will be spent in FL, especially in the winter months.
...

8qv,
This implies that the taxes in NH are more onerous than FL. If you spend time in both places, sales tax and property tax aren't impacted by where you claim residence. No general income tax. Is the interest and dividends (income) tax the problem? What tips the scales in either direction?

Should this be a new thread?

[Jeanzb1]

Yes, I think if we had owned a single-family home, we might have felt a bit differently about Florida. But the flip side is that we never could have afforded to live right smack on the ocean if we didn't live in a condo. Actually, we did do the six-month thing -- we spent six months on the beach in Florida and we rented a one-bedroom camp on Winni for six months (five summers we did that.) But each year when it came time to leave the lake, we were oh so sad. We also missed our kids who live in nearby Mass. We have definitely made the right decision!

[8gv]

Originally Posted by Descant

8qv,
This implies that the taxes in NH are more onerous than FL. If you spend time in both places, sales tax and property tax aren't impacted by where you claim residence. No general income tax. Is the interest and dividends (income) tax the problem? What tips the scales in either direction?

Should this be a new thread?

Being retired I have no wages or salary. NH taxes my income, FL would not.

The property taxes on my FL place are about $1,000 lower. The homes have equal value.

[Billy Bob]

Having spent the first 45 years of my life wintering in New Hampshire and the last 20 here on the Gulf Coast of Florida with summers in New Hampshire I highly recommend the best New Hampshire winter idea is to LEAVE .
When you have to try all that hard to have a good time somethings wrong !

Come on down the waters great and we have room for a few more in the pool !!!

[8gv]

Originally Posted by Billy Bob

Having spent the first 45 years of my life wintering in New Hampshire and the last 20 here on the Gulf Coast of Florida with summers in New Hampshire I highly recommend the best New Hampshire winter idea is to LEAVE .
When you have to try all that hard to have a good time somethings wrong !

Come on down the waters great and we have room for a few more in the pool !!!

I see you're in TV. Our condo is on the Bayway across from Billy's!

Wifey gets more use out of it than I do. Lately it seems that I only go south to fix stuff...grrrrr!

It is kind of cool cruising down the canals looking at all the Christmas lights on New Year's Eve.

[tis]

Originally Posted by 8gv

Being retired I have no wages or salary. NH taxes my income, FL would not.

The property taxes on my FL place are about $1,000 lower. The homes have equal value.

NH doesn't have an income tax. If you have a business it has a business profits tax and an enterprise tax if you are a professional. Is that what you mean? Fl. has no dividends and interest tax.

[8gv]

From Kiplinger:

http://www.kiplinger.com/tool/retire...rees/index.php

"New Hampshire doesn’t have an income tax. But there’s a 5% tax on dividends and interest in excess of $2,400 for individuals ($4,800 for joint filers)."

If this is the primary source of one's retirement income, FL is cheaper.

[secondcurve]

Originally Posted by tis

NH doesn't have an income tax. If you have a business it has a business profits tax and an enterprise tax if you are a professional. Is that what you mean? Fl. has no dividends and interest tax.

What about estate taxes. Those taxes can be large. How do NH and Florida compare?

[tis]

Originally Posted by secondcurve

What about estate taxes. Those taxes can be large. How do NH and Florida compare?

Fl. has no estate tax and NH has no estate tax.

[secondcurve]

Originally Posted by tis

Fl. has no estate tax and NH has no estate tax.

Actually, I just did a little research and found that New Hampshire is the only state in the northeast without an estate tax. In Massachusetts for example estate taxes are substantial.

Even if you don't have a dollar to your name when you die but you have $1,500,000 in life insurance your heirs will pay a substantial estate tax in liberal, tax heavy states like Massachusetts. While the federal estate tax exemption is $5,000,000 per person, indexed to inflation, in Massachusetts the personal estate tax exemption is just $1,000,000 for state tax purposes and it isn't indexed to inflation.

The unfair tax burdens in states like Massachusetts, NY, etc. will continue to result in folks with money changing their state of residency to states like Florida when they retire.

[Billy Bob]

Originally Posted by secondcurve

Actually, I just did a little research and found that New Hampshire is the only state in the northeast without an estate tax. In Massachusetts for example estate taxes are substantial.

You are really worried about taxes after you are dead ! The idea is to have a great time while you are alive , Florida or New Hampshire ,
Why would death taxes play any role in where you live.

Also that 1.5 mil is per person , 3 m husband and wife , If you have that much left you didn't do it right . Die in debt , that way you will be remembered !
also if you want to save money when you are dead the ground here dosent freeze so it should be less expensive to dig the hole ( that was terrible )

[HellRaZoR004]

Originally Posted by Billy Bob

also if you want to save money when you are dead the ground here dosent freeze so it should be less expensive to dig the hole ( that was terrible )

[Happy Gourmand]

Originally Posted by HellRaZoR004

Or, you could just wait for a sink hole...problem solved.

[drwamcross]

Originally Posted by Billy Bob

Also that 1.5 mil is per person , 3 m husband and wife , If you have that much left you didn't do it right .

I wouldn't use the "joint" exemption for any tax planning. Unless you die at exactly the same moment, you each have only $1.5 mil. Even if you were both in an auto accident and you die 5 minutes before your wife, you get a $1.5mil exemption but everything then goes to her estate, then she only gets $1.5 mil before going to her heirs.

I definitely agree with your comment to die in debt......lol.

[8gv]

Time of death...

Simultaneous!

[Steveo]

Originally Posted by drwamcross

I wouldn't use the "joint" exemption for any tax planning. Unless you die at exactly the same moment, you each have only $1.5 mil. Even if you were both in an auto accident and you die 5 minutes before your wife, you get a $1.5mil exemption but everything then goes to her estate, then she only gets $1.5 mil before going to her heirs.

I definitely agree with your comment to die in debt......lol.

Not to derail this further but you can set up a bypass trust so that your heirs can get the full $3M