At Morris Law Group, we understand that business owners, entrepreneurs, real estate professionals, and other high net worth individuals have complex financial planning needs. Our library of articles offers valuable advice on important topics related to estate planning, wealth preservation, and minimizing tax liability.
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Concerns with Out-of-State Trusts One of the benefits to living in Florida is the lack of a state income tax. However, if the trust contains assets from another state, it may be subject to that state’s income tax. This can be costly for states with high taxes, like New York.