Home is where the heart is, or is it? As far as the IRS is concerned, where you choose to hang your hat, may not be home, or your “residence.” The concept of “domicile” can be particularly complex, especially if you’re a high net worth individual who spends time in, and receives income from, multiple states.
Since the current issue of Worth Magazine is all about America’s Most Dynamic Cities, and many readers split their time between New York, Miami and some of the other places on the list, we thought it was a good idea to revisit this concept of “domicile.” We do so in our latest article entitled, To be or not to be a resident: Isn’t that the question?
For more than 20 years, Worth Magazine has been a trusted source for information relevant to the financial, legal and lifestyle issues unique to high net worth individuals. MBAF is proud to contribute to this valuable resource.
Taxation and compliance issues for high net worth individuals can be quite complex. If you would like to benefit from our expertise in these areas, or if you have further questions on this Advisory, do not hesitate to contact our Private Client Wealth specialists, or call us at 1-800-239-1474.