Why Trump's kids are probably celebrating his move to Florida
Quentin Fottrell
1 hr ago President Trump announced a move Thursday night that’s popular with billionaires.
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!â€
The New York Times first reported the move, citing documents filed in Florida by Trump and his wife, Melania, that said their primary residence was now Trump’s Mar-a-Lago resort. The Times reported the move was primarily for tax purposes. Florida does not have a state income tax or inheritance tax. The Times also said the move will not affect the effort by New York’s attorney general to try to obtain Trump’s federal tax records.
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.
“Estate and inheritance taxes in Florida work essentially the same way,†the firm adds. “The state government doesn’t charge any ‘federal death tax,’ but qualifying Florida estates are still responsible for estate taxes owed to the federal government. And Florida residents who inherit property from out-of-state may still have to pay inheritance taxes to the other state.â€
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http://www.msn.com/en-us/money/personalfinance/why-trumps-kids-are-probably-celebrating-his-move-to-florida/ar-AAJGwCh?ocid=ientp