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Tax Planning

Tax planning is a huge part of successful and streamlined retirement planning because without proper strategies, it’s easy to overpay in taxes (and the IRS sure isn’t going to let you know if this happens).

Overpaying in taxes can significantly eat into your savings, investment earnings, and retirement income, so it’s important to ensure your tax strategies reduce your tax burden as much as possible. After all, you’re working hard to provide a secure future for yourself and your family. The tax you owe shouldn’t jeopardize that.

Our Investment Management Services Include:

• Annual Tax Return Analysis [Free PDF Sample]
• Annual Roth conversions if and when appropriate
• Structuring of income withdrawals from (e.g. Pension, Social Security, Required Minimum Distributions, etc.)
• Strategic asset location management
• Bunching and charitable giving strategies such as(e.g. QCD, DAF, CRT)

Why Do You Need Tax Planning?

You may be surprised to learn that in retirement, you could be faced with a larger tax bill than you encountered during your earning years. This is because many of your income sources in retirement are likely tax-deferred or tax-free, while others generate income subject to capital gains tax. If you withdraw income from the wrong source at the wrong time, you may be on the hook for significant tax liabilities that could have been avoided with proper planning.

Additionally, tax laws are complex and ever-changing. No one but a tax professional could keep up with evolving regulations (unless you’re really passionate about tax law), so ongoing tax planning with licensed professionals can ensure your tax strategies are legal, up to date, and working in your favor.

Benefits Of Tax Planning

The greatest benefit to tax planning is paying less in taxes! When you engage in tax planning, you only pay your fair share and keep more of your hard-earned money for yourself. Whether you use that money to fund the lifestyle you want, protect yourself from future emergencies, or gift your children with a larger inheritance is entirely up to you.

The other biggest benefit to tax planning is that you know your tax filings are up to date with current tax legislation. No matter if we’re experiencing the influx of a new Presidential administration, recovering from an economic crisis, or simply experiencing the normal progressions of legislation, tax law is constantly changing in ways that could largely impact your strategies. When it comes to tax planning, “lifetime” strategies are not applicable.

How We Help

We also provide a second opinion on your tax situation by annually reviewing your tax returns to make sure you aren’t missing out on any opportunities for savings. By taking advantage of tax credits, deduction strategies, pre-tax savings opportunities, and tax-advantaged estate plans, you can reduce your tax burden this year and over your lifetime. 

We partner with your CPA and other tax professionals—whether they’re part of our in-house Family Office network or someone you’ve worked with prior—to ensure your retirement and income planning is perfectly aligned with your tax strategies.