Retired and High Net Worth Individuals
Tax planning is a proactive, ongoing process that leads to smart decisions, not a last-minute scramble, which leads to errors and unexpectedly high tax bills. Tax planning also blends into estate and inheritance planning, and should incorporate charitable giving, trusts, and retirement accounts, such as IRAs and pensions.
The goal of tax planning is to structure each component of your finances in a way that enables you to control your wealth, manage your tax obligations, support your family, and continue to live the lifestyle you want – without restrictions.
More than a once-per-year appointment, this kind of tax planning requires year-round communication with your LFL Veritas advocate, so you understand the tax implications of all of your decisions. When it’s time to file your tax return, you’ll know what to expect, and your financial information will be well-organized and accurate.
Our tax planning and preparation services include:
- Ongoing planning discussions throughout the year
- Detailed projections
- Preparation and review of tax returns
- Goal oriented tax strategies
When you no longer have an income stream and begin living off of your assets, how much will you need to live? When should you start giving what you’ve earned to your family? What can you do to ensure that you never become a financial burden to your children?
Most people tend to focus on what they can do to avoid overpaying taxes, and that is certainly part of the equation. But the first priority needs to be your family. What needs to be done to protect them, and the assets you leave to them?
At LFL Veritas, we’ll work with your investment advisors to help determine the cash flow needed to maintain the lifestyle you want, and to determine the tax implications of your asset allocations. Together, we’ll develop a financial strategy that gives you peace of mind and protects what matters most.
Our financial planning services for retired and high net worth individuals include:
- Forecasting living expenses
- Helping you understand your risk tolerance
- Retirement planning
- Life event budget planning
Most people who explore estate and inheritance planning are driven by tax concerns. What can I do to make sure I don’t pay too much in taxes? After all, estate and inheritance taxes can be expensive. However, we want our clients to make financial decisions for the right reasons. We always emphasize that estate and inheritance planning is a family issue, not a tax issue.
Step one is to understand your family dynamic. We need to find out who should receive the money you’ve amassed in life. We can assist you in determining the appropriate age for your children to understand how to properly manage their inheritance and respect your wishes. Step two is to make sure you don’t run out of money.
We’ll help you develop a strategy to take care of your family. We’ll point out opportunities to reduce the risk that your hard-earned assets will be lost to taxes, creditors, and other channels. You’ve worked a lifetime to build what you have. We can help you preserve your wealth and pass it along to future generations.
Before, during, and after the plan is designed, count on your advocates at LFL Veritas to explain these complex concepts in an understandable way. We’ll guide you through the entire process.
Our Estate and Inheritance Planning services include:
- Assistance with goal development and strategy
- Education regarding various planning options (gifting, trusts, charitable planning, insurance, etc.)
- Coordination with legal counsel
- Assistance with implementation and ongoing management of plan to achieve results
To learn more about estate and inheritance planning, contact us.