Practice Area: Tax Planning & Tax Preparation Services

The different types of joint ownership will have impacts on how assets are taxed in the event of a joint owner’s passing. People who share ownership of assets in these types of accounts should be aware of these options and how they may, or may not be the right way to achieve optimal tax efficiency.

Required Minimum Distributions are mandatory annual taxable distributions for the aggregate value of all your account(s) funded with pre-tax assets. It is important to know when you are responsible for taking distributions, as well as how the additional income will affect your adjusted gross income. Individuals that may not need the additional income from their RMDs can also explore qualified charitable distributions.

Thinking of making a location change for retirement? Maybe you’re generating income in two different states, or you’re a newly minted snow bird and will spread your time in two places. These are all examples of arrangements that may cause tax issues. We make sure you understand your new tax circumstances so there are no surprises come filing time.

Whether you own or inherited an annuity funded with qualified or non-qualified dollars, it is important that you understand the rules and implications that come with ownership. Where things really get more complicated is if you’ve inherited a non-qualified annuity that has appreciated significantly. Having a plan of attack for distributing your annuity is just as important as funding it.

The tax law surrounding the accessibility of life insurance cash values can be extremely favorable depending on the type of policy you own. Often, people own life insurance as not only a way to fund their estate after passing, but to assist in funding their retirement during life. If you have a significant cash value in your life insurance policy, it is important that you understand the preferential tax provisions that may be available to you, and how to go about taking advantage of them without impeding on important policy benefits.

One of the most integral parts of estate planning is mitigating tax implications wherever possible. This is also exacerbated by the fact that the law changes regularly with respect to exclusions, thresholds and lookbacks. Although the perfect plan is seldom a reality due to legislative risk, we can help you assemble a plan with added flexibility to make sure your wishes stand the test of time.

For high net worth individuals and families, there is often a large chunk of their liquid net worth is tied up in pre-tax accounts. This usually translates to a tax problem both during, and after life. ROTH conversions can sometimes make seeding your retirement more tax efficient, as well as providing heirs with significantly higher after tax inheritances. Niche recapture strategies can also be used to use qualified assets to purchase life insurance, enabling transferability and tax efficiency. Whether or not these strategies are right for you and your family is for you to decide, and we’re happy to assist you in doing so.

You may have one of many variations of vested stock options, or company stock held inside a qualified retirement plan such as a 401(k), or in an outside ESOP account. Every employer sponsored benefit package is different, so make sure you understand the risks, tax ramifications, and transferability of your company stock to make the right decisions at the right time.