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Wealth Enhancement, Tax Planning and Reporting
A wise person once said, “It’s not what you earn; it’s what you keep.”
We agree.
Effective wealth accumulation planning lies at the heart of every successful financial strategy. But to accumulate wealth, one must minimize taxes. The majority of our clients have investment income with tax ramifications -- long and short-term capital gains, interest and dividends. The ownership, use and ultimate disposition of those investments that produce this income have significant tax consequences.
And, If that isn’t complicated enough, state and federal tax laws are constantly rewritten, amended, updated, revised, repealed and corrected in a patchwork quilt of “dos,” “don’ts,” and “maybes.” Even the most skilled and seasoned tax professional can be hard pressed to keep up with and successfully navigate all these changes in the statutes. As a result, we focus our attention on areas that impact investments and assets owned by retirement plans, estates, trusts and individuals.
What Does Wealth Enhancement Planning Entail?
It entails developing your retirement plan, while taking into account income and estate tax issues for both after-tax investments and retirement accounts. The complex tax issues we handle are not answered by Turbo Tax or newspapers’ financial columnists, nor does “one size fit all.” Our planning software runs a “mini-return” to estimate federal and state taxes for each year in your future.
It entails looking carefully at income tax issues in addition to gift and estate tax issues as we work to develop or review and update your estate plan. This may include establishing and managing revocable or irrevocable trusts.
It entails designing a portfolio or an investment policy that reflects your particular tax situation and preferences. When possible, we use funds specifically designed to be tax efficient.
It entails strategizing for tax-advantaged education funding.
It entails establishing charitable planning and gifting, such as charitable trusts.
It entails planning for stock options and implementation of liquidation and diversification programs.
It entails considering deferred compensation and other executive bonus arrangements.
It entails preparing estate, trust and personal tax returns where appropriate.