Financial planning is crucial for individuals and families with high net worth. These individuals often have complex financial situations that require specialized expertise to manage effectively.
Exponential value, as we define it, is the concept of taking two things and creating synergies that result in something greater than the sum of its parts. In other words, 1+1=4. We believe that tax planning is one of the best ways to create exponential value for our clients.
Our tax system has two critical components that impact the transfer of wealth from one generation to the next: gift tax and estate tax.
The Tax Cuts and Jobs Act of 2017 brought significant changes to the US tax code, including a cap on state and local tax (SALT) deductions. This cap, also known as the SALT deduction limitation, has left many taxpayers looking for ways to reduce their tax bills.
Section 1202 of the IRS code can potentially save eligible business owners millions of dollars in taxes. However, it is an underutilized section as few business owners know how to successfully implement this strategy.
On December 23, 2022, we received a gift from Congress. A 4,000 page bill called the Consolidated Appropriations Act of 2023. Inside this bill is what is now being called the “SECURE 2.0 Act” (SECURE 2.0). In 2019, the SECURE Act, also known as the Setting Every Community Up for Retirement Enhancement, made significant changes to IRAs and retirement plans.