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De minimis rule

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Feb 22, 2010 2:11 am

Flyjetz

Joined: 2008-11-11Offline

Two questions,



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.



Thanks

Feb 22, 2010 6:21 am

cobia

Joined: 2009-10-16Offline

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.
Feb 22, 2010 2:25 pm

FVDA_Trade-PMR

Joined: 2008-09-24Offline

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