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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: