Tax Planning

Tax planning and tax forecasting services for individual and small business clients is a core competency of the firm. Effective tax minimization begins with long-term tax strategizing to establish overall objectives and is maintained with conscientious and consistent annual tax forecasting and mid-year tax planning.

Recent tax reform has added more complexity to planning given that you now have to navigate through a multi-layer tax system in conjunction with running multi-year scenarios to gain a clear picture of the tax landscape in order to advise your clients on virtually all of their personal financial planning decisions. With the more generous estate tax exclusions under the TCJA, the financial planner’s focus will increasingly turn to multi-year income tax planning. The thresholds for having a client become subject to the tax on net investment income and the higher rates on qualified dividends and long-term capital gains are planning areas that will be addressed.

Here are some factors for tax planning consideration: • Basis of assets • Legal title of assets • Choice of business entity • Income in respect of a decedent • Life insurance • Retained incidents of ownership • Assignments • Insurance and retirement plan beneficiary designations and settlement options • Annuities • Employee benefits • Executive compensation • Charitable giving • Income splitting within the family • Alternative minimum tax • Income taxation of trusts • The impact of the NIIT