Looking Ahead to Minimize Your Tax Exposure
The tax experts at Totherow, Haile & Welch are here to take the stress of tax planning out of the equation for you. Ensuring that your business tax return is fully compliant with the most current tax laws is a big task; are you sure you’re ready for the challenge? We can help you develop strategies for your future that take advantage of the ever changing tax laws as well as evaluate the tax implications of your retirement plan. We can assess your retirement plan for any possible tax ramifications and determine how to reduce those taxes in your later years, and even in the event of your passing.
Estate planning might seem like a grim subject. Many business owners can’t – or simply don’t— want to consider the business implications in the event of their eventual passing. However, planning ahead will give you, your business associates, and your family something invaluable: peace of mind. Planning will minimize the taxes due on the transfer of your business assets to a successor, offer funds for continuity within your business, and even determine the succession of ownership upon your death. These are just a few of the many important details that must be considered. We can guide you through the frequently complex process of getting your financial affairs in order in the event of a catastrophe.
Making provisions and plans for your estate is not only limited to businesses. It’s also important to consider how to maximize your residual assets as an individual. The last thing you want is to burden your spouse, your children, or any other family members or friends with the pain of making big decisions after your passing. Designating beneficiaries, establishing annual gift funds to reduce residual estate, placing provisions for fund protection for potentially less-than-responsible beneficiaries, and exploring any tax implications of retirement, life insurance and other investments are important details not to be overlooked. There’s so much to consider, and our skilled accounting professionals can help advise you on the best course of action. It’s our goal to help you make the most of what you may leave behind.
Whether planning for growth and navigating the changes in tax laws, or planning for your later years and beyond, TH&W is here to help with all of your tax planning needs.