072: How to Change Your Domicile and Avoid High Taxes with Brad Galbraith

In this episode of Saving With Steve, host Steve Sexton is joined by Brad Galbraith, an attorney, CPA, and creator of ChangeMyDomicle.com.

Last year in the state of California alone, over 663,000 people moved out of state to states with lower or no state taxes. The same thing is happening to all high-tax states like New York, New Jersey, Illinois, and more. The reality is a state like California doesn’t want to lose your tax dollars and will do everything to keep you paying, so it’s important to learn how to pass your state’s domicile test.

My guest today, Brad Galbraith, is an attorney, CPA, and creator of ChangeMyDomicle.com. He joins us today to discuss how every state has its own test for domicile and why failing to pass the test comes at a very high price. Brad shares how ignoring your current state’s laws regarding domicile could lead to unnecessary stress, audits and income tax, and estate tax claims by your current state even after you have attempted to change your domicile. He also talks about five things to consider before changing your domicile, how to change your state’s registry, and how to defend against an audit in reference to your domicile state.

Brad A. Galbraith is the Managing Partner at Galbraith, PLLC’s Naples and Indianapolis offices. He focuses on providing creative, cutting-edge estate, tax, and business planning advice to business owners and other wealthy individuals. Brad is board certified in Wills, Trusts and Estates by The Florida Bar Association.

Brad began his professional career as a Certified Public Accountant. After switching to the practice of law and seeing the ineffectiveness and inefficiency of traditional planning methods, he endeavored to find a better way to assist his clients with estate, tax and business planning.

As an estate planning attorney, he developed a model designed to provide clients with comprehensive, personalized estate, tax and business succession plans that withstand the test of time.

Brad maintains an Indiana CPA license and is a frequent presenter on estate and tax planning topics to CPAs and attorneys at conferences and continuing education events throughout the United States.

Additionally, Brad is the co-author of an extensive continuing education program for CPAs which has been published and distributed nationally. That program, entitled Estate Planning for CPAs, has also been presented to thousands of CPAs throughout the United States.

Brad is also the author of several books, including: Intentionally Defective Grantor Trusts Line By LineFamily Limited Partnership Agreement Line By LineFamily LLC Operating Agreements Line By Line, and co-author of Disinherit The IRSDon’t Die Until You’ve Read This BookThe Four Corners: Where Your Estate Plan Becomes A Living Legacy, and The Florida Domicile Handbook. Brad is admitted to practice in Indiana, Florida, and before the U.S. Tax Court.