Tax Planning

Tax Planning and Management | Managed Legacy Wealth Counsel

It’s said that only two things are certain in life: Death…and Taxes! And while there’s not much you can do to avoid the former, with prudent planning and foresight, there’s a lot you can do to minimize the latter. However, similar to planning that goes into living a happy and fruitful life, a well-planned tax strategy can yield great benefits – but only if it’s done professionally, and earlier on during your wealth accumulation cycle.

Our Tax Planning philosophy is not centred on tax avoidance, but rather on helping you structure your finances, so you and your family aren’t overburdened by undue tax liability.

Why Tax Planning Is Important

Delayed tax planning is tantamount to leaving potentially saveable dollars, of your hard-earned money, on the tax table for others to benefit from. The longer you defer tax planning, the more money you’ll end up owing and paying in taxes. That money could potentially have been saved, through a reduced tax bill, invested, and grown, through the magic of compounding, over many years.

What We Can Do for You

We help our clients through long-term Tax Planning strategies – and that’s exactly how we’ll help you. Tax planning does not commence on the date of filing your tax returns. Prudent tax planning often starts long before – sometimes even before you make investment decisions that trigger a tax liability. We can help devise tax planning strategies that minimize taxes, maximize tax refunds and guide you to optimize your tax-friendly investment returns.

Here’s what we can do for you through our Tax Planning service:

  • Our Tax Planning advice will include considerations on whether you should invest with pre-tax dollars, or post-tax income. How you invest, and in what types of vehicles, can make a significant difference to the taxes you pay. We'll help you navigate through the various advantages and disadvantages of choosing one strategy over another.

  • When planning for tax impact on your income, we’ll also plan for the types of income that you might receive: Dividends, Interest, Annuity payments, Capital Gains, Inheritances, Employer or Government benefits. While all of these are potential income streams in retirement and before, each has different tax planning implications.

  • We will help you foresee impacts to your future net wealth. If left unplanned, your net wealth could be diminished due to claw-backs to benefits, and the possibility of erosion to your estate through substantial taxes.

  • We’ll help you mitigate possible tax impacts when it comes to your estate. A good tax plan will ensure that future generations do not bear the burden of taxes due to the legacy you leave them. But to ensure a tax-advantage inheritance to your beneficiaries, you need to put appropriate plans in place NOW – and that’s where our Tax Planning specialists can help.

 

We want to work with you, and collaborate with your accountant, to ensure that you're putting yourself, and your legacy, in the best position possible. We're not accountants, but we always recommend collaborating with accountants when it comes to taxes and your tax strategy. Having a team of professionals from different disciplines working together to put you in the best position is always our goal. Though we love to work with CPAs, StoneX Securities does not provide tax advice.

Contact us today to learn more about tax planning.