For high net-worth individuals, tax planning requires a proactive approach to obtain the best results. Economic and legislative changes are uncertain as it pertains to the tax code and any expiring benefits. There is no certainty 2015 will see the same extenders 2014 did and there are many steps you can take now to protect you and your businesses assets. In taking this approach, the decisions you make now should be instrumental in preserving your wealth – not just for your own future, but for that of the next generation as well.
Also keep in mind that estate planning is an integral part of an individual’s overall tax plan. On a yearly basis, you should review issues such as:
Health Care Proxies
Family Limited Partnerships
Charitable Donor Trusts
A personalized strategy is the best approach. Contact your tax professional today to discuss the best options for you.