Families, Individuals & Emerging Wealth
We’ll Do All the Complex Tax Navigation for You!
With wealth comes responsibility – protecting it for retirement, building it for future generations, and perhaps sharing it for charitable causes. Minimizing income taxes with cutting-edge strategies and forward-thinking planning is an integral part of preserving and keeping your family’s income and wealth. We can help you enjoy your wealth while planning for the future.
We provide best-practice tax, finance, accounting and regulatory services so founders can concentrate on the business at hand and achieve strategic goals.
ASL works with you to address your tax needs to your best advantage. We help you improve the quality of your decision-making process and optimize the value of your resources with tax minimization strategies, application of current developments, and proactive tax planning.
ASL’s tax services can help with various tax complexities by:
- Generating and executing a customized tax plan
- Identifying possible tax credits for federal, state and international
- Helping you determine the best utilization of expenses related to timing of deductions
- Ensuring any due diligence process is smooth
- Analyzing opportunities
- Income tax planning and compliance for high-net-worth individuals, including executive stock option and other equity compensation tax planning, real estate investments, charitable gift planning, charitable trusts and private foundation
- High-level estate and trust planning and consulting
- Comprehensive and coordinated income tax planning and compliance for family owned enterprises, including corporations, partnerships, and trusts
- Succession planning for privately held businesses
- Planning opportunities related to Qualified Small Business Stock provisions in the Internal Revenue Code.
- Connect to a network of other professionals (attorneys, advisers, valuation experts)
Questions to Ask Yourself
There are several methods:
- Donating appreciated securities directly to charities avoids capital gains taxes and provides a fair market value deduction.
- Establishing donor-advised funds allows you to take an immediate tax deduction while distributing funds to charities over time.
- Setting up charitable remainder trusts (CRTs) or charitable lead trusts (CLTs) can also provide tax benefits while supporting your philanthropic goals.
Additionally, qualified charitable distributions (QCDs) from IRAs for individuals over 70½ can satisfy required minimum distributions (RMDs) without increasing taxable income.
Managing investment income involves a combination of timing and choice of investments. For example, holding investments for over a year to benefit from long-term capital gains tax rates, investing in tax-exempt securities like municipal bonds, and utilizing tax-deferred accounts can be beneficial. Additionally, strategically placing investments in taxable versus tax-advantaged accounts (asset location) can optimize tax outcomes.
Regular reviews of your investment portfolio with your financial advisor and CPA can ensure your investment income is managed efficiently from a tax perspective.
As a high-net-worth individual, you have several options to optimize your tax situation. These include:
- Maximizing contributions to retirement accounts such as IRAs and 401(k)s
- Utilizing tax-efficient investment strategies like municipal bonds
- Exploring opportunities for tax-loss harvesting
- Making charitable donations
Additionally, if you are a business owner, there may be opportunities to defer income or accelerate deductions. Working with a CPA allows for a personalized strategy tailored to your specific financial situation.
