Tax Strategies
As the adage says, “It’s not about how much you make, it’s about how much you keep.” We will work with you and your tax advisors to make sure all elements of your plan work together in the most tax-efficient manner possible.
It’s said that only two things are certain in life: Death…and Taxes! And while there’s not much you can do to avoid the former, with prudent planning and foresight, there are strategies you can implement to potentially minimize the latter.
Our tax planning philosophy is not centered around tax avoidance, but rather on helping you structure your finances, so you and your family aren’t overburdened by an undue tax liability.
Why Tax Planning Is Important
Tax planning is a pivotal part of financial planning. With effective tax planning, all elements of the financial plan fall in place in the most efficient manner. An improper balance in your taxable, tax-deferred or tax-free buckets could result in an overpayment of taxes year after year, or even worse – running out of money in retirement. All in all, the objective of tax planning is to reduce tax liability and attain proper household economic stability.
Things To Consider
We help our clients through long-term tax planning strategies – and that’s exactly how we’ll help you. Prudent tax planning often starts long before you make investment decisions that could potentially trigger an undue tax liability. We can help devise tax planning strategies that can potentially minimize taxes on retirement income and guide you to optimize your tax-friendly investment returns.
Our goals for you:
While an often used strategy many people use is: save…save…save–as much as you can. An appropriate response to this is: Be careful how you invest those savings. Our tax planning strategies will include considerations on whether you should invest with pre-tax dollars, or post-tax income. How you invest, and in what types of vehicles, can make a significant difference in the amount of taxes you will ultimately pay.
When planning for the impact of taxes on your current and future income, we’ll also consider the various types of income that you might receive including: dividends, interest, annuity payments, tax-free income, capital gains, inheritances, and employer or government benefits. All these potential income streams have different tax planning implications.
We will help you mitigate potential tax implications when it comes to your estate. A good legacy tax strategy will ensure that future generations do not bear the burden of potentially unnecessary taxes from what you desire to leave to them. To ensure a tax-advantaged inheritance to your beneficiaries, you should consider putting appropriate plans in place now.