Redomestication: California's billionaires are moving to Miami. Are they bringing their businesses?

California’s proposed billionaire wealth tax has triggered a visible migration of ultra-high-net-worth individuals to South Florida, particularly Miami neighborhoods such as Coconut Grove, Indian Creek, and Biscayne Bay. In this presentation, attorney and CPA Chad Cummings examines a recent Business Insider report detailing how technology founders and billionaires are purchasing luxury properties in Miami while preparing to relocate assets, trusts, and business operations out of California. This shift highlights the broader redomestication trend as entrepreneurs and investors move companies to Florida and Texas that impose no state income tax and offer stronger asset protection, efficient business courts, and more predictable regulatory environments. The presentation explains how business owners can legally transfer the home state of an existing LLC or corporation while preserving the entity’s name, EIN, contracts, and credit history, and why attempting the process without proper legal guidance can trigger costly tax consequences and structural mistakes that require expensive corrective work. Learn more: https://www.cummings.law/redomestication/