Tax Planning Means Different Things to Different People
A CPA/accountant often focuses on minimizing the annual tax bill as much as possible based on a client’s past transactions. Some might recommend a SEP IRA or SIMPLE Plan, but they do not always deal with real forward-thinking tax planning.
An attorney might think of tax planning as setting up trusts to minimize income, estate and GST taxes.
A financial planner often thinks of tax planning as using IRAs, 401(k) and other tax-deferred plans.
An insurance advisor might consider only annuities and cash-value life insurance.
Highview Wealth considers all of those topics and more. When it does tax planning, it considers numerous different factors and techniques; it is PROACTIVE, not REACTIVE.
If you are not using a firm that knows the above topics and more, YOU ARE NOT receiving the best advice possible.
What does that mean? It means you will likely pay too much income and capital gains taxes when alive, and ultimately that your beneficiaries will pay too much income, estate and generation-skipping-transfer taxes after you die.
Don’t do what everyone else does (the do nothing position), be proactive to protect your money from the IRS and state government. Remember, your number one creditor every year is the IRS.
