1) Does anyone have a list of states which abide by the de minimis rule? Or maybe a list of those that don’t as they may be shorter?
2) If five clients is the limit before having to register in a new state, is a joint account considered a single client? I’m guessing that yes it is, but I’d like some clarification if anyone can provide it.
Its genereally by household/family and occasionally relationship not account depending on each states laws. Trust interpreatations vary. 5 is usually the limit for most states. If you have a certain state you can call or look up easily.I did one for client in NY. for a decent 300k fee account. Confirm with each state because I am not an attorney and only play one on TV.
I believe approximately 27-states follow the rule. I don’t have a list though. If anyone has such a list, please, I’d really enjoy having a copy myself. I’d recommend contacting each State directly and seeing if they participate or not – the information might also be on their website too.Fred