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Tax Planning


 "In this world nothing can be said to be certain, except death and taxes." -Benjamin Franklin


 While Benjamin Franklin might be right, we at Legacy Consultants believe that proper planning can drastically reduce the amount of taxes one might pay over the course of a lifetime. Tax planning is a tactical method of positioning your investments, sources of income, and other aspects of your financial picture in such a way as to reduce, postpone, or avoid tax liabilities. Employing effective tax planning strategies can increase the amount of money you could spend, save, invest, and/or gift to heirs.

Our tax planning process is an individualized approach designed to maximize the use of applicable benefits and/or tax breaks in line with current federal and state tax code.

Tax planning may include, but is not limited to:

  • Annual review of federal and/or state tax returns
  • Adjustments to taxable distributions
  • Utilization of tax-favored and/or tax-free investments
  • Recommendations for contributions to tax-favored and/or deductible investment vehicles
  • Non-qualified annuity planning if applicable and beneficial
  • Roth Conversions if applicable and beneficial
  • Special circumstances planning (includes but is not limited to):
    • Business owners
    • Death
    • Divorce
    • Inheritance

Over time, your financial picture will change in many ways. Looking beyond today, we will see changes in income, dependents, and tax law. Ultimately, we will shift from acting as savers to acting as spenders: withdrawing money from bank accounts, investments, and retirement plans. Each source of income has different tax consequences. We will recommend the best withdrawal strategy for you based on current and projected tax environments. As the tax code becomes more and more complicated, allow us to review your situation and assist you in planning accordingly.

*The information contained herein is not written or intended as financial, tax or legal advice. The information provided herein may not be relied on for purposes of avoiding any federal tax penalties. You are encouraged to seek financial, tax and legal advice from your professional advisors.*