In recent years, an influx of ultra-wealthy individuals have decamped to Florida in search of warmer weather and a smaller tax bill. From Jeff Bezos to Bethenny Frankel, celebrities and billionaires alike have made the move, spurred by the lack of state and estate taxes and the promise of a sunnier lifestyle. But in many cases, the move has brought unpleasant surprises.
According to financial advisors, many of their clients are discovering their relocation will not bring the tax-saving bonanza they anticipated. The transplants are facing unexpected expenses, including steep condo assessments, climate change risks, and insurance premiums.
