I've heard from a number of top advisors in New York and California that certain clients are considering fleeing to lower-tax states in the wake of the new tax law's severe restrictions on state and local tax writeoffs.
A Bloomberg article looks at one good reason few will likely follow through.
"Wealth managers and tax lawyers say many of their clients are staying put after hearing about the scrupulous records they would have to keep to show they've really uprooted their lives and severed ties with their former states," Bloomberg writes, "And that it's not as easy as just spending a few more days a month in a Florida vacation home."
https://www.barrons.com/articles/the-nightmare-of-fleeing-high-tax-states-1532374830
A Bloomberg article looks at one good reason few will likely follow through.
"Wealth managers and tax lawyers say many of their clients are staying put after hearing about the scrupulous records they would have to keep to show they've really uprooted their lives and severed ties with their former states," Bloomberg writes, "And that it's not as easy as just spending a few more days a month in a Florida vacation home."
https://www.barrons.com/articles/the-nightmare-of-fleeing-high-tax-states-1532374830
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