Tax & Legal Planning

As we discussed on our Higher Taxes Obstacles page, higher taxes can really eat into your spendable income in retirement. If the current lower personal tax rates expire in 2025, as they are currently legislated to do, you’ll feel that impact quickly, not 20 years from now.

Because our firm’s founders are both CPA’s, we naturally weave tax-planning into your retirement journey in lots of different ways. Some are simple and some more complex, but all with the goal of minimizing your taxes.

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For example, we:

• Use tax-managed investments in taxable accounts to limit the impact of dividend, interest and capital gain distributions on your tax return.
• Create a balance among taxable, tax-deferred and tax-free assets.
• Identify your tax-efficient order of withdrawal to fund your retirement lifestyle.
• Create pro-active multi-year Roth IRA conversion strategies to build tax-free assets.
• Minimize the tax on IRA Required Minimum Distributions, both pro-actively and in the years of distributions.
• Maximize your ability to itemize deductions with “bunching” techniques.

If you really want to learn more about tax planning for retirement, a great book is The Power of Zero by David McKnight. In a very user-friendly fashion, he lays out the necessity of tax planning for today’s retirees. We have the technical knowledge in-house to implement his compelling strategies. If you think taxes aren’t going to matter to your future, read his book and you might change your mind!

To ensure that your tax strategies are properly reflected on your tax returns, we have a strategic alliance with Amelse and Edmonds, CPA’s, in Knoxville, TN who provides a depth of experience in tax return preparation. With your permission, we are able to communicate with them directly regarding your unique tax strategy, and give you a cohesive team of people working proactively on your behalf.

We are also keenly aware of how tax-planning is interwoven into your legal planning. We work with well-established estate planning attorneys to ensure that all assets are titled properly to avoid probate and ensure your legacy will be tax-efficiently distributed to your loved ones. We also review your IRA and 401k beneficiaries to make sure they match the intent of your will.

For your convenience, the attorney of your choice comes to our offices, so you don’t have to go anywhere else. And again, with your permission, we can communicate directly with your attorney making sure that your wills, financial powers of attorney and medical powers of attorney are safely in place.

Call Us at (865) 622-2162