When rich Northerners move to Florida or Arizona, they’re not just looking for better weather; they’re seeking lower taxes.

The federal government has eased off on estate taxes, exempting the first $5.34 million of assets. With portability, we may hold onto $10.68 million per couple. But many states are not so generous. In New Jersey, for instance, the state exemption is just $675,000 per person, and the tax rate can go to 16 percent. As residents move, more governors are looking to trim the tax.

In New York, where the current exemption is $1 million, with a top tax rate of 16 percent, the governor has proposed raising the exemption to $5.25 million within a few years, and lowering the top rate to 10 percent. Indiana and Ohio have ended their estate tax, and other states are reviewing theirs.

Move?  Other options are to set up trusts to reduce or defer the tax, or start giving away assets to reduce the estate.

For nearly 30 years, Mike Nickerson has owned and managed a small, full-service accounting practice in the Midcoast. He holds a bachelor's degree in accounting from University of Southern Main and a master's degree in financial planning from Bentley University.

He is a past board member and president of the Maine Society of Certified Public Accountants and currently serves on the Maine Board of Accountancy.

An aged rock musician, Nickerson now finds musical enjoyment playing upright and electric bass in a variety of bands spanning folk to jazz music genres. He and his wife have three grown children, and they enjoy their free time hiking, kayaking, golfing, bicycling and motorcycling.

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