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’s a lot you can do to appropriately manage the later. However, similar to planning that goes into living a happy and fruitful life, a well-planned tax strategy can yield great benefits – but only if it’s done professionally, and earlier on during your wealth accumulation cycle.
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
Consider this fact: If you managed to shave-off just $250 from your tax bill each year, through prudent Tax Planning, and invested it at a 5% rate of return annually, you could have a tidy sum of over $15,250 waiting for you by the time you retire in 30 years!*
Delayed tax planning is tantamount to leaving potentially savable dollars, of your hard-earned money, on the tax table for others to benefit from. The longer you defer tax planning, the more money you may end up owing and paying in taxes. That money could potentially have been saved, through a reduced tax bill, and invested wisely over many years.
WHAT WE CAN DO FOR YOU
We help our clients through long-term Tax Planning strategies – and that’s exactly how we’ll help you. Tax planning does not commence on the date of filing your tax returns. Prudent tax planning often starts long before – sometimes even before you make investment decisions that trigger a tax liability. We can help devise tax planning strategies that seek to minimize taxes and guide you toward optimizing your tax-friendly investment returns.
Here’s what we can do for you through our Tax Planning service:
- Tax-advantaged advice: While the best advice you can get is - Save. Save. Save...as much as you can. The next best advice is: Be careful how you invest those savings. Our Tax Planning advice 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 to the taxes you pay. Our Specialists can help you navigate through the various advantages and disadvantages of choosing one strategy over another.
- Tax-impacted income: When planning for tax impact on your income, we’ll also plan for the types of income that you might receive: Dividends, Interest, Annuity payments, Capital Gains, Inheritances, Employer or Government benefits. While all of these are potential income streams in retirement and before, each has different tax planning implications.
- Future tax impacts: Our Specialists will help you foresee impacts your future net worth. If left unplanned, your net worth could be diminished due to likely claw-backs to benefits, and the possibility of erosion to your estate through substantial taxes.
- Legacy planning: We’ll help you mitigate possible tax impacts when it comes to your estate. A good tax plan will seek to ensure that future generations do not bear the burden of taxes as a result of the legacy you leave them. But to ensure a tax-advantaged inheritance to your beneficiaries, you need to put appropriate plans in place NOW – and that’s where our Tax Planning specialists can help.