Move to Florida for warm weather, better tax conditions

For those looking to relocate, establishing domicile in the Sunshine State is paramount 

ATLANTA, GA, Jan. 8, 2015 /PRNewswire/ - Warmer weather and great tax laws make Florida an attractive relocation destination for families or retirees looking for a change, according to the experts at Atlantic Trust, the private wealth management division of CIBC (NYSE: CM) (TSX: CM).

"Florida has no individual income tax, so many of our clients who live in states that have a high state income tax consider moving to Florida in order to avoid that level of taxation," explains Linda Beerman, chief fiduciary officer for Atlantic Trust. "Florida has long been a popular destination for clients who are retirees because there is no state estate tax as well."

While Florida does have some property tax, the state offers a generous homestead exemption, providing significant protection for its residents from creditors. The exemption also protects proceeds earned from home sales in the state.

One of the issues that individuals can face when moving from one state to another is that the state of their former residence may continue to assess income tax even after they have moved away. Therefore, it is important for those moving to Florida to establish conclusively that they have changed their domicile.

This is not the same as establishing residency, which simply requires having a presence as an inhabitant of a particular place. Someone establishing a domicile not only lives there, but also demonstrates an intent to make that place his or her fixed and permanent home.

"Individuals can have several residencesthat is, different homes in different statesbut you can only have one domicile," Beerman says.

To establish that intent, individuals should first and foremost spend sufficient time in the state they are seeking to make their new domicile. Other steps include registering to vote in the new state, moving some tangible property there, becoming involved in local church or community activities, and changing the address to reflect their new place of residence.

Atlantic Trust offers additional resources regarding relocation and establishing domicile. Read "Moving to Florida" on Atlantic Trust's Online Resource Center or visit www.atlantictrust.com for more wealth management strategy resources.

About Atlantic Trust

Atlantic Trust is one of the nation's leading private wealth management firms, offering integrated wealth management for high-net-worth individuals, families, foundations and endowments. The firm considers clients' financial, trust, estate planning and philanthropic needs in developing customized asset allocation and investment management strategies. Experienced professionals deliver a broad range of solutions, including proprietary investment offerings and a robust open architecture platform of traditional and alternative managers. Atlantic Trust operates in 12 full-service locations throughout the U.S. with $25.9 billion in assets under management (as of October 31, 2014). For more information, visit www.atlantictrust.com.

About CIBC

CIBC is a leading Canadian-based global financial institution. Through our Retail and Business Banking, Wealth Management and Wholesale Banking businesses, CIBC provides a full range of financial products to individual, small business, commercial, corporate and institutional clients in Canada and around the world. CIBC owns a 41 percent equity interest in American Century Investments®, a major U.S. asset management company, serving financial intermediaries, institutions and individuals, and acquired Atlantic Trust, a premier U.S. private wealth management firm, in January 2014. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.

SOURCE Atlantic Trust Private Wealth Management