BPM
Search

Expected Tax Increases Have Bay Area Wealthy Moving With Urgency

BPM’s Sandy Murray Quoted in the San Francisco Business Times 10.01.20

Fearing the federal and state tax increases that may occur in the wake of the upcoming election, many wealthy Bay Area residents are packing up and moving out of California, according to a recent San Francisco Business Times article.

BPM Partner Sandy Murray, who co-leads the Firm’s Private Clients Services practice, is quoted in the article about the client response he’s received in recent months.

“The majority of my conversations lately with my clients are around the rules of domicile and breaking domicile with California,” Sandy told the San Francisco Business Times. “It used to be a theoretical conversation. Now there’s more urgency.”

He also noted the shift to more permanent work-from-home arrangements has provided the flexibility needed to escape the Bay Area’s high cost of living.

“Covid has changed things,” Sandy added. “People have gone to what used to be their summer homes and spent eight months there and realized they can operate from there. So why pay 13.3% and possibly 16.8%, in tax to California?”

Read the full article on the San Francisco Business Times website.

About BPM’s Private Client Services

For high net-worth families, executives, and business owners seeking integrated tax strategies, BPM does just that. We take our role as skilled advisor very seriously. By understanding your needs and goals, we are able to craft intelligent, personalized tax roadmaps that minimize your risks and maximize your peace of mind.

Our number one goal is to minimize your taxes. With a body of seasoned tax professionals who utilize all the tools available to increase your savings, we can handle everything from your tax return preparation, to comprehensive estate, gift, and trust planning, to stock option and retirement planning. We have a track record of proven strategies which we proactively apply to the diverse problems that our clients face. Learn more at https://www.bpmcpa.com/Services/Private-Client-Services.