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As a result of the Tax Cuts and Jobs Act, many taxpayers saw an increase in their personal income taxes due in 2018. Tax experts have anticipated that there will be large migrations of such individuals to low tax domiciles in an attempt to reduce their 2019 taxes. Tax savings certainly is an attractive reason to exchange your high tax domicile for a low one, but it’s not quite as easy as simply moving house or spending 183 or more days in a low tax jurisdiction. Severing domicile requires affirmative actions that show your desire to abandon your old domicile and establish a new domicile elsewhere. By not taking such affirmative steps, you may be subject to unintentional state income and estate taxes and other costs associated with a state tax audit. Taxpayers should take care to avoid conflicting domicile circumstances when planning for a domicile change.
Please join Parker F. Taylor, Chair of the Private Client Services group at Hughes Hubbard & Reed LLP, as he:
• Discusses what it means to have a tax domicile;
• Provides an overview of the benefits of living in a low tax jurisdiction;
• Analyzes some of the case law surrounding domicile changes; and
• Discusses best practices for formally changing your domicile.
Program Level: Update
Intended Audience: In-house counsel, outside attorneys, accountants and other allied financial professionals responsible for private client wealth management
Advanced Preparation: None