Moving to Florida: Asset Relocation and Wealth Management Checklist

High net worth individuals moving to our wonderful state involves more than simply finding a moving company that can be trusted to ensure your family’s belongings arrive safely and on time. The challenge also includes selecting a trusted financial partner that can ensure your financial assets settle into their new environment and thrive.

In this article, we highlight what we believe you should know to ensure your move to Florida includes preserving your wealth and adapting your finances and financial assets, so they flourish along with your family.      

What is Asset Relocation?

Asset Relocation is an aspect of a Wealth Plan that involves a comprehensive review of your personal or business financial assets ownership structure, ideally in advance of your family’s move to a new domicile jurisdiction. Key to an effective Asset Relocation review is engagement of an experienced local wealth adviser.

A tenet of Asset Relocation is a comprehensive review and analysis of your assets in concert with your existing or new legal and accounting professionals with the objective of wealth preservation and growth. A thorough Asset Relocation review will consider the legal, tax, and other implications and nuances that may be involved in both the departing and destination domicile jurisdictions.

How to Relocate Assets When Moving to Florida

In 2020, The New York Times reported that an average of950 people were relocating to Florida each day, with a majority of the influx coming from high tax jurisdictions including New York, Boston, Chicago, and California.  Snowless winters and sun-kissed beaches and ocean views are not the only attractions of the Sunshine State.

Florida has no state income tax, no state estate tax and a business-friendly environment that provides significant short and long-term tax savings and business opportunities.

To fully understand and maximize the financial and other advantages specific to residency in Florida, high-net-worth individuals on the move should consider consulting with an experienced financial advisor to create and implement an Asset Relocation plan tailored to their and their families’ specific needs.  

Wealth Management Relocation Checklist

Planning for asset and wealth relocation is akin to performing a personal and professional financial health check. Some of the key items that should be examined with the help of a trusted and experienced financial partner who understands the fiscal intricacies of your new domicile to include:

• Accounting Overview: An analysis of your financial assets ownership structure(s) will inform the critical assets and liabilities that should be carefully examined in advance of, or upon, your relocation.
•  Estate Planning: Addressing how your family’s relocation may affect your Family Legacy goals and objectives?

•  Retirement Tracking: Will your relocation alter the trajectory of your retirement plans?

•  Tax Assessment: How will local, state, and federal tax codes impact your income or other financial assets as a result of your change in domicile?

Because every family and their financial structure is unique, every Relocation Plan will involve a degree of customization to address a given family’s circumstances and desires. As a result, selecting the “right” financial partner to assist and advise you through this process is paramount to ensuring an effective Relocation Plan, a component of your financial well-being.

Considering a Move to South Florida? City National Bank of Florida Can Help.

As a Florida-based financial institution and an important player in the South Florida landscape since 1946,City National Bank of Florida is uniquely positioned to assist you and your family in transitioning your life to Florida. We are also uniquely qualified to provide strategic legal, accounting, medical, educational, insurance and business connections and introductions within your new community.

When you become part of our City National Bank of Florida family, you will be assigned a City National Private Relationship Manager who will assist you and your family as you acclimate to Florida. You will also gain access to solutions customized to suit your and your family’s needs in the areas of:

• Liquidity Management
• Residential and Commercial Lending
• Wealth Management
• Trust and Fiduciary Services

Your new life in the Sunshine State awaits. We are happy you have made the decision to be our neighbor and we would be honored to assist you with your private banking and private wealth management needs.

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