Tax Planning Resources

Tax Planning for Individuals

You may have a successful financial life, but your objectives are unique when it comes to building long-term financial security, cultivating multigenerational wealth, reducing personal taxes, and preserving your estate and giving back to your community. Below, explore tax planning considerations for individuals, including charitable planning, estate planning, trust situs, and residency.

Overview for Individuals

Cash Flow Strategies

Personal income taxes could well be one of your largest annual costs. And because most of the financial decisions you make have an impact on your taxes, having a solid strategy is all the more important—after all, effective tax management is the cornerstone for managing your wealth.

Estate Planning

Uncertainty from the COVID-19 pandemic and subsequent economic disruption has created a window of opportunity to reassess your estate plan. The pandemic has more people thinking about future security and safety, and business owners are more cognizant of having their affairs in order. Explore opportunities to reduce estate tax, assess your distribution of assets, and help mitigate the possibility of disputes with an estate tax plan.

Out-of-State Residency for Individuals and Trusts

Residency transition should be contemplated well in advance of any large income events so a plan can be properly executed. When plans are rushed, there’s increased risk the state will reach the taxpayer and claw-back the income. Even though a business is moved to another state, the state of the residency of the owner could still tax that income.

Exploring where you want to move and why, as well as the holistic tax impacts of the proposed change, should include an immediate state and local tax planning review. You should also look ahead to the long-term implications of the move as it relates to your personal tax liability and wealth management plan.

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