Go to Jeff Salisbury LWGate Home Page.From: Avrum Lapin <avrum113@cyberg8t.com>
Subject: Re: Relocating questions
Date: Mon, 11 May 1998 08:00:12 -0700 (PDT)
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At 10:16 AM -0600 5/10/98, persfin-digest wrote: >Subject: Relocating questions > > >1. I have > 6 figures in my 403-b. Can this stay as it is or do I >have to roll it over into an IRA? I like my current funds in the >403-b (Fidelity). If I do a roll-over is there a time frame before >or after termination of employment in which this must be >accomplished? Since you like Fidelity I suggest you call them (or visit their office in SLC) and they can make the roll-over into an IRA easy. Your 403-b plan may allow you to keep the funds with them but there may be limitations on when you can make roll-overs there after. Key thing is - DO NOT HAVE the 403-b trustee make a check out to you, it must be made out to "Fidelity or whatever for benefit of Philip..." > >2. My wife and I both have group term life policies thru our >employer. As there will be 6 weeks between jobs for me and even >longer than that for my wife, what is the best way to keep life >insurance in force? Need to see what your wemployer's policy is. They may offer a conversion policy - or buy term life insurance to bridge the gap. This is the danger of relying on an employer's policy - termination after a serious illness might leave you uninsurable. > >3. What about health insurance coverage? I know COBRA mandates >some sort of continuation of insurance after termination, but does >this apply to someone who voluntarily "retires?" See if your employer allows a conversion policy, make sure it lasts long enough for you to get on new employer's plan. If necessary buy coverage, DON'T go naked. Moving is stressful, leads to back-aches, hernias, unplanned pregnancies and worse. > >4. All of our assets are in a revocable trust. Does the change of >state affect the trust. I would think that our wills need to be >redone, but what about the trust? Check with attorney in new state. Not the most important priority > >5. Finally, anyone have advice on how to close on a house long-distance? >Our time frame for moving is not that great. We will only have a few >days off work to find a house in Cincinnati and this will not be >until the first of June. We will plan on moving the first of July >and I start work August 3, so it is likely that we will have to >arrange a lot of the housing details long-distance (i.e. making >offers, getting inspections, possibly closing). Buy in haste, repent in leisure. Consider renting for a year to get the lay of the land. > >Anyone with experience in these matters who could offer advice would >be greatly appreciated. I've talked to a lot of people who made a forced move from Southern California to Tucson (I retired rather than make the move) They either hated it or they loved it - nothing in between. I presume the move is your choice for your career. Your wife may have a hard time adjusting - especially if she was in field which requires a state licence - e.g. beautician, teacher, nurse, CPA etc. The kids if any may also have a difficult time. Avrum Lapin Upland., CA - -
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