Wealthy people with multiple homes may try to establish residency in lower-tax states to reduce their bill. Advisers say it’s a complicated task. Source: NYT > Business – PAUL SULLIVAN
Wealth Matters: How to Avoid the Next Real Estate Downturn
Property investments have long been associated with wealth creation. In a recession, though, they can be risky for owners who need to sell. Source: NYT > Business – PAUL SULLIVAN
Lawmakers Support ‘Pied-à-Terre’ Tax on Multimillion-Dollar Second Homes
Gov. Andrew Cuomo said the tax on homes in New York City could allow the state to raise $9 billion in bonds to help fix the subway. Source: NYT > Business – JEFFERY C. MAYS and JESSE McKINLEY
Wealth Matters: The Allure, and Burden, of Private Equity
As seductive as private equity is, it can trap investors with onerous restrictions like high capital requirements and long-range commitments. Source: NYT > Business – PAUL SULLIVAN
There are Millions of New Millionaires, but Not at Art Sales
The annual Art Basel and UBS report shows market growth is stagnating. “The art world seems to have a conversion problem,” one expert said. Source: NYT > Business – SCOTT REYBURN
Wealth Matters: 5 Ways to Value Your Collection, Whether It’s Fine Wine or Shrunken Heads
Collectible assets can be worth millions of dollars, but surges in the market can put desired items out of reach, while a collapse can wipe out speculators. Source: NYT > Business – PAUL SULLIVAN