For many of our clients, the only conversations that are more personal are the ones with their own doctors. We understand that while there are obvious financial aspects to our tax consulting and compliance, the difference we can make is fostering a relationship with our client that is proactive, service driven, and results focused.
We are told our unique approach to the personal side of business is what makes the difference. Many of our clients have been with the firm for 30 years—some over multiple generations.
Our firm offers a variety of planning and compliance services that help our client protect assets, pay their fair share of taxes, and preserve wealth for their progeny.
With ever-growing globalization, wealthy families have taken the opportunity to live and maintain homes all across the world, including in the United States. One of the potential challenges facing such individuals is planning their estates in an effort to maximize tax efficiencies and to retain their hard-earned wealth.
Recent court decisions and the Internal Revenue Service (IRS) Chief Counsel Memorandum (CCM) reinforce the need to keep accurate records and adequately disclose all charitable contributions as well as gifts made to others.
2018 inflation-adjusted figures for contributions to HSAs have been released by the IRS.
Inheriting an IRA means different things to different people. Everyone shares in the grief of a departed loved one, but the options available to those beneficiaries are very different. Spousal beneficiaries have options to treat the IRA as their own or can keep the account in the original owner's name. Non-spousal beneficiaries must keep the account in the original owner's name and are subject to different distribution rules that depend on the age of the original owner.
Many years ago you started to put some money aside to provide a comfortable retirement. Maybe it was a pension plan, possibly a 401K plan or even an IRA. Do you have more than one of these accounts because of job or investment advisor changes? Have you gotten married since you opened your account? Have you had children, got divorced, had grandchildren or had a death in the family? Chances are one or more of these life events will apply to you. When you set your retirement account up you made a beneficiary election. Do you remember who you selected...or have a copy of the election you made? Your retirement account is just that, for retirement. However, in most cases these funds are never totally exhausted before the account owner dies so your beneficiary election is vital to proper retirement planning. Your beneficiary election will determine who inherits your retirement account, but more importantly, how and when it will be taxed to them.