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"Law360" featured Bridget Crawford, professor of taxation at the Pace University Elisabeth Haub School of Law, in "3 Ways Trump Will Save 'Bigly' With Florida Move"
"Law360" featured Bridget Crawford, professor of taxation at the Pace University Elisabeth Haub School of Law, in "3 Ways Trump Will Save 'Bigly' With Florida Move"
No Estate Tax or Inheritance Tax
New York’s estate tax goes up to 16% for taxable estates worth more than $10 million. It is likely the president fits into this category. In Florida, which has no estate tax, Trump’s heirs will owe the state nothing upon his death.
“If President Trump’s estate is large enough to be subject to the estate tax, his change of domicile just saved his family a whole lot of money,” said Bridget Crawford, professor of taxation at the Pace University Elisabeth Haub School of Law.
Depending on the size of Trump’s estate, it would still have to pay a 40% tax to the federal government, which is owed tax on all estates valued at least $11.4 million. However, there, too, Trump’s beneficiaries are protected, since the estate and not the beneficiaries are liable for the tax.
