In a world where tax legislation is complex and rules can change rapidly, experienced personal tax advice is important. Personal tax professionals can guide you through the myriad issues affecting your personal and family tax situations with the goal of helping you effectively manage your overall tax burden while ensuring compliance with tax laws.
As the owner-manager of a private company or a high net worth individual, you want to maintain your personal and family wealth, and the value of your estate. To do this, you could benefit from thorough, strategic tax and financial planning advice that looks beyond the present and into the future.
Drawing on current technology and our broad experience advising clients with private wealth or those in the private company market, your personal adviser works with you to define your financial goals, design strategies to achieve those goals, and set the plan in motion.
We also advise on and provide a tax-effective approach for important transactions, such as the sale of a business or appreciated property.
When it comes to assessing your personal tax situation, you should be sure that you comply with tax laws, but you should also know that you are benefiting from any tax credits available to you.
Your trusted adviser should help you prepare your personal tax returns, information returns, and elections, including calculating tax liabilities and instalments, using state of the art technology.
Our customizable tax software allows us to analyze “what-if” scenarios and incorporate changes in tax legislation and personal status. And the knowledge gained in preparing personal tax returns should also allow you to proactively identify opportunities to better manage your personal and family tax burdens.
You’ve worked hard to build your private company and make it a success. Now, as you look to the future, you want it to remain in good hands. At the same time, it’s important that your personal wealth be maintained and passed on to future generations.
But at what age will your children be able to access your wealth? Should you establish controls or restrictions on the use of these resources for certain periods of time? And do you know who will run your business when you retire?
When you consider such questions, you can see why it is important to create a thorough estate plan for transferring wealth to your heirs and a succession plan for your private company, particularly if your children are involved in the business.
And high net worth individuals who do not have an estate plan can risk a significant reduction of estate assets by income taxes, probate fees, and other related costs.