High-net-worth clients can save millions of dollars by changing their domiciles, but they can’t complete the shift successfully without careful planning, according to one expert.
Advisors helping to move their clients to states with no state income tax or estate taxes should recommend they keep meticulous records at all times, Bachir Karam, a special counsel in Sullivan & Cromwell’s Estates and Personal Group, said in a session at this week’s SourceMedia Disrupt|Advice conference in New York.
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