November 5, 2019
Law360 quoted McGuireWoods partner Skip Fox in a Nov. 1 story about the tax advantages of President Trump’s decision to move his legal residence from New York to Florida. The story detailed how Trump benefits by moving to a state with no income, estate or inheritance taxes, and with homestead laws that provide additional advantages.
The article also noted that Trump could face an audit by New York’s tax department. The state could examine how much time Trump spends in Florida and whether he has registered to vote in the state, created bank accounts, and visited doctors and other professionals there, Fox said.
“The real challenge for him may be getting out of New York,” Fox said. “The more you can show a connection to Florida, the better off you are going to be.”