Musk Flees California. He Now Faces a Battle to Escape Its Taxes
Private Wealth Services Partner Christopher Boyett was interviewed by Bloomberg Wealth about trends in which wealthy individuals relocate from states with high income taxes like California and New York to those with lower or no income taxes, such as Texas and Florida. Elon Musk is the latest individual to announce such a move, though the process of changing residency for tax purposes is often more complex than simply moving to a new home. Mr. Boyett, who co-chairs Holland & Knight's National Private Wealth practice, commented that moving to Florida has been popular for years and that this trend shows no signs of slowing.
"We've seen an enormous trend of the wealthiest family offices relocating to Florida,” he said.
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