One of the many issues for high-net-worth clients arising during the COVID-19 pandemic is state domicile and the related tax implications. As taxpayers who lived in major cities began to take up residency out of state due to safety concerns, many were unaware that spending time in their out-of-state residence could affect their tax liability. An included case study demonstrates how, in one such situation, the multi-family office was able to provide proactive guidance and serve as a safeguard against unintended consequences. Working with clients to understand and consider the advantages of family office services can present them with the opportunity to avoid situations that might negatively impact their overall wealth management goals.
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We spoke to advisors at multiple firms to examine what…
