Two words: estate taxes.
In a series of tweets, President Trump said he has moved his permanent residence to Palm Beach, Fla., and said he had been “treated very badly by the political leaders of both the city and state” of New York. “Few have been treated worse,” he said, through he added New York “will always have a special place in my heart!”
— Donald J. Trump November 1, 2019 Florida is one of seven states with no state income tax, according to Gibbs Law Office, an estate-planning firm based in the state. “When combined with the warm climate, the friendly tax policy that allows for no income taxes and no Florida estate and inheritance taxes makes Florida an immensely popular retirement destination,” it says.
Trump’s move is not uncommon, especially among ultra-high net worth individuals over the age of 65. Billionaires tend to move out of states with estate taxes, according to a recent study by researchers at the University of California, Berkeley and the Federal Reserve Bank of San Francisco. The trend grows stronger as billionaires grow older, they said.
If Washington state resident Jeff Bezos, CEO and found of Amazon AMZN, +0.95%, passed away, researchers estimated his estate would get hit with a $11.97 billion estate-tax bill. Bezos is the world’s richest man, worth an estimated $110 billion, according to the Bloomberg Billionaires Index.
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