Tax Planning – Goat Planning

The need for Tax Planning

Do you have a retirement tax strategy?

Tax strategies are used to help you take advantage of tax codes that allow you to potentially reduce cost over your lifetime and the life of your beneficiaries. We cover strategies that we identify could help you on your specific situation.

We look at strategies holistically, as strategies can affect each other.

What taxes might I pay?

social security income tax
net investment income tax
provisional social security tax
capital gains
forced income tax from required minimum distributions
state income tax

What choices do I have of when to pay taxes?

Now (employer income, muutual funds, stocks, CDs, Savings accounts)
Later (401k, IRA, Annuities, 403b)
Never (Roth IRA, life insurance cash value)

What are "tax risks"?

Federal income tax rates are at historic lows and federal debt as a function GDP at historic high. Do expect personal tax cuts? We have a seminar of the growing tax risk.
You have an unexpected windfall, capital gain or inheritance that changes you tax situation.

What are some strategies your clients have used?

For many, perhaps most, are already using qualified accumulation plans such a IRA, 401k, Roth IRA, SIMPLE, etc. With the previous choice using these accumulation methods, we also focus on the distribution strategies.

Besides these qualified strategies, other programs and techniques might be used, but none are for everyone. Certain fixed income annuities, cash value life insurance, time of withdrawals, or change to a different instrument. We analyze a complete financial picture (with spouse if there is one) and then recommend options in the contect of mitigating tax and sustaining wealth.