Florida has its first President!
Donald and Melania Trump are now permanent residents of Florida. They did this in October by recording a “Declaration of Domicile” in Palm Beach County court.
The New York Times reported that the move was “primarily for tax purposes.”
President Trump is part of a growing trend of millionaires and billionaires bolting high-tax states like New York, New Jersey and Connecticut and relocating in Florida. Why? Florida doesn’t have a state income tax. The President will likely be avoiding New York state’s 9% top income tax rate and New York City’s 4% top income tax rate!
Another big reason for Trump to relocate to Florida is that the Sunshine State also doesn’t have a state estate tax. New York imposes a top state estate tax bracket of 16% for estates larger than $10.1 million.
Filing a Declaration of Domicile is just the first step in relocating to Florida. If you have questions about such a move, please contact our office.
Here are links to Donald and Melania Trump’s Declarations of Domicile: