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Millionaire States

An article came across my desk about millionaires and their “migration”. No, not migration to some sunny island, rather migrating to another state in the U.S.: Top 10 Surprising States with the Most Millionaires”  (Phoenix Wealth & Affluent Monitor, February 17, 2017)

According to the article: “ Wealth is more concentrated and shifting geographically…”

So where do the millionaires migrate and which states top the list of having the most millionaires? More research concluded that Colorado did not make the top ten listing.

In 2015, according to thinkadvisor.com there were “6 million U.S. households with $1 million or more of (investable) assets.”

The top ten on that list: (which includes the District of Columbia) are: D.C.; Delaware; New Hampshire; Massachusetts; Virginia; Alaska; Hawaii; New Jersey; Connecticut and Maryland.

What makes these states so attractive to millionaires?

Apparently not taxes or cost of living, since New Jersey is a high tax state and Alaska is expensive to live.  Climate is not a deciding factor, think Alaska versus Hawaii!

I considered that perhaps the state mottos might have a connection?

If you are a millionaire – Why not migrate to a state with an attractive motto? (Just one thought)

So here are the interesting mottos of the above ten states:

D.C. – motto on corporate seal – Justice to all

Delaware – Liberty and Independence

New Hampshire – Live Free or Die

Massachusetts – (Latin) By the sword we seek peace, but peace only under liberty

Virginia – (Latin) thus always to tyrants

Alaska – North to the future

Hawaii – (native Hawaiian translation) The life of the land is perpetuated in righteousness

New Jersey – liberty and prosperity

Connecticut – (Latin) He who transplanted sustains

Maryland (Italian) strong deeds, gentle words

 Thus, the words that seem to attract millionaires? Justice, liberty, independence, freedom,future,  peace, righteousness, prosperity, deeds.

By the way, the motto (Latin) of Colorado is “Nothing without providence”

Working to Preserve Your Wealth and Protect Your Future…in a Constantly Changing World

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Summer Time…Moving Time

Summer is one of the busiest times for relocations – ask any real estate agent.

When you have found your next dream home, you probably are not thinking of your Estate Plan – you have enough to do just planning the move.

The reality is that there are two things to consider during and after the move.

First, Organize and keep those important legal documents with you. Don’t trust them to moving companies.  You might just have a critical need for a particular document and would not want to go through the hassle of floundering through cartons to find that important piece of paper.

One rather bizarre event was when a client’s associate, during their overseas move, lost most of their household items overboard. Their entire container left the dock and took a nosedive into the water, along with their legal documents, photo albums and irreplaceable collectibles. Their insurance documents were, of course, in the container.

Second, After the move /consult your estate plan documents (or have your legal advisor do the job) and think about if and how your situation may have been affected.  The most obvious change would be moving to/from a community property state or to a foreign country…there are differing laws for different states and countries that could affect your estate plan.

Working To Preserve Your Wealth and Protect Your Future…in a Constantly Changing World

 Please read my full Disclaimer and How I Can Help You

Visit my website: www.attorneybarbardalvano.weebly.com for more articles and printable infographics

 

 

Best and Worst Retirement States

For those of you following my posts, you know I often write about retirement issues. (See my website archived articles under Retirement Planning and Retirement Savings)

So when Wallet Hub published their “best and worst” list, I sat up and took notice.

The article: 2017’s Best and Worst States to Retire by Richie Bernardo-Senior Writer (Jan. 23, 2017) not only lists the states, but also explains the methodology used to rank the states.

For example the states were ranked by Affordability, Quality of Life and Healthcare. Within Quality of Life were parameters like weather and air quality, under Healthcare were other parameters like – number of General Practitioners (M.D.) per capita.

Thus Wallet Hub derived a list of retirement- friendly (and not-so-friendly)states. Among the top ten “friendlies” I was glad to see Colorado ranked number 5!

Here is a partial listing:   top of the list for best states to retire is Florida- ranked #1, followed by Wyoming #2, South Dakota came in #3, Iowa was #4  and Colorado #5.

According to Wallet Hub research – At the bottom of the list – states that ranked the lowest: Rhode Island ranked #51; Alaska was #50; District of Columbia #49; followed by Connecticut #48 and Hawaii ranked a surprising #47.

For the entire listing – go to the Wallet Hub website.  You will also find interesting data on states with the best life expectancy and lowest property crime rates.

You might not be prepared to make the decision about when to retire, but when you do – you may want to consider where you will be spending your golden years.

Working To Preserve Your Wealth and Protect Your Future…in a Constantly Changing World

Please read my full Disclaimer and How I Can Help You

Visit my website: www.attorneybarbaradalvano.weebly.com for more articles and interesting infographics