Tax & Estate Planning
By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are and what you want. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. Having the necessary legal documents to protect your assets is an important part of your overall financial plan. It also makes transitions easier for your spouse and your family should you become ill or pass away. We will review your estate planning documents (such as wills, trusts, powers of attorney, etc.) and make sure they are up-to-date.
What is ‘Tax Planning’?
Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency, with the elements of the financial plan working together in the most tax-efficient manner possible. Tax planning is an important part of a financial plan, as reducing tax liability and maximizing eligibility to contribute to retirement plans are both crucial for success. At The Liberty Group, we help our clients with income tax strategies today, estate planning strategies for the future, and we re-evaluate those plans as their circumstances or laws change.
As part of the financial planning process, we will recommend strategies to reduce your tax burden now, as well as in the future. This may include:
- A review of your previous tax return
- Evaluating current income and investment gains/losses
- Running tax projections for the current year
- Checking withholdings and making adjustments as needed
- Making tax payments using required distributions from qualified plans
- Recommending strategies to help maximize your deductions
- Shifting and/or timing income
- Projecting taxes in retirement
- Gifting for children or grandchildren
- Estate planning to minimize taxes
- Creating a life insurance trust for tax purposes