moving to NJ from florida

[wolfbay]

I know people on this site have a wealth of financial knowledge . Can anyone offer some advice? My father is 91 and in the near future will need to move to an assisted living residence.He has 400,000 in a CD at ORiON bank.If he moves from Florida to NJ what would be the reprecusions?The only issue I can think of is that he might have to pay a small amount of state income tax on the interest. I'm also concerned that he now has all his funs in one CD.In the past he had CDs in his name as well his three children.If this CD is in all four names I assume FDIC would cover the whole amount if the bank closed. Is this the case.? I still haven't found out if we are still on the CD. It is very possible with his family history that he will outlive his money and we'll step in to help him but he needs to protect what he has.It's possible bank failures are about to be a lot more common! Thanks in advance for any information.

 

[GatorBuzz]

There is no state income tax on wages or investments in Florida.

FL Dept Rev - Intangible Personal Property Tax

 

[CitricAcid]

There is no state income tax on wages or investments in Florida.

FL Dept Rev - Intangible Personal Property Tax

He is talking about moving from Florida to NJ, though, where the interest would THEN be deducted. Depending on where your father will be living and where he is now, he will VERY LIKELY move into a higher cost of living area. Property taxes are incredibly high in both places so it shouldn't make too much of a difference, but I think the most important factors in the decision are the quality of the hospital/healthcare facilities around, the cost of health insurance for the places he would be covered and the quality of the facilities for assisted living, as you said he might be moving into a home soon.

 

[Martha]

Here are the joint account rules for FDIC insurance: FDIC: Insuring Your Deposits

 

[OAG]

After you find out how the CD is titled you can go here and use the FDIC Calculator: FDIC: Electronic Deposit Insurance Estimator (EDIE) – Online Version

 

[GatorBuzz]

He is talking about moving from Florida to NJ, though, where the interest would THEN be deducted.

Oops. My mistake. Sorry about that.