The client
An ultra-high-net-worth, multi-generational family with various trusts needed a plan to support members looking to relocate to various states.
The challenge
The family’s goal was to meet the needs of individual family members relocating while minimizing its exposure and tax burden.
The solution
BerryDunn’s team reviewed past returns and original trust documents to determine their current tax impact. They conducted a deep analysis of federal and state income tax laws to determine which states would fit the family’s goals. The team then developed a strategic plan to restructure the family’s assets, reducing their state income tax burden and providing needed independence for family members to relocate.
The outcome
During the review, BerryDunn’s team discovered an opportunity to amend previous filings, resulting in immediate cost savings and an opportunity to defer taxes in the short term. In addition, the family was able to achieve a 96% reduction in state income taxes.
About BerryDunn
BerryDunn’s outsourced accounting services are tailored to the volume of work you have. Whether you need extra help in your office during peak times or interim leadership support during periods of transition, we can help you. We offer the expertise of a fully staffed accounting department for short-term assignments or long-term engagements―so you can focus on your business.
Learn more about our team and outsourced accounting services.
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