Beware of the “Reciprocal Trust” Doctrine
Having spouses’ trusts that are too similar isn’t simpatico with the IRS and may trigger unintended tax consequences.
Any CPA firm can complete your taxes. But not every firm looks at the whole picture, examining ways to reduce your personal tax burden and take advantage of tax-savings opportunities. Our certified public accountants examine every angle of individual taxation, from annual reporting and compliance to preserving wealth through trusts and estates. We have the experience, insight, and detailed focus to tackle complex tax issues, reduce tax consequences and maximize wealth.
Personal income tax planning and preparation
Our proactive approach keeps you up to date on tax laws and ensures compliance with the increasingly complex and constantly changing requirements. Whether you are seeking education financing, utilizing available tax credits, or require representation in federal or state audits, our experienced professionals are ready to guide you with tax planning strategies.
Retirement is a time to enjoy the benefits of the assets you have worked so hard to earn. Yet it can also bring about changes to your tax status, such as how much and where pension distributions are taxed, how to establish snowbird residency, and how best to safeguard your assets. Our service-oriented experts create a solid tax planning and wealth strategy based on assets, income, and tax obligations so you can better enjoy your retirement.
Wealth preservation is a priority when you are planning for the future. For decades, our trusted advisors have provided full tax planning strategies for high-net-worth individuals as they sort through the best options. We will assist you in establishing tax-saving trusts to benefit future generations, select available vehicles, taking into account family dynamics, to support near and dear charities, and structuring the legacy you wish to leave for your heirs. Our tax professionals will work with you to structure charitable trusts and private foundations, and advise you on establishing bylaws and selecting trustees. We will also assist in maintaining proper accounting and reporting systems for tax compliance.
We can help you identify and prioritize your objectives and goals or review an existing plan to better optimize your assets. Whether it’s providing for future generations or funding a favorite charity, we can assist in establishing safeguards to preserve well-earned assets, providing for continued income, and preparing for all the changes life can bring. Our proactive approach to these services for individuals includes:
To learn more about our tax services, contact Dale Demyanick or complete the form below.
Given the proposed tax rate increase to individuals, planning will be the key to mitigate financial stress. Your key takeaways from this one-hour discussion will include planning strategies that you can implement now.Learn More