At SPH, we understand the unique needs of high net worth individuals. There are several tax strategies available that we can work with you to identify.
It could involve freezing the value of your estate to pass on the future growth of your assets to intended beneficiaries or designing a plan to multiply the availability of the enhanced capital gains exemption for your family. The object is typically to minimize the effect of income taxes and other taxes in your estate and maximize the amount of wealth that can be distributed in accordance with your wishes through effective tax planning.
Wills and Trusts
We can assist in planning your will from a tax perspective. This could involve use of multiple testamentary trusts, use of spousal trusts to defer taxation and numerous other strategies to reduce the impact of incomes taxes. We also assist with probate planning, creditor protection and income splitting strategies to protect and increase the value of your estate.
Your tax strategy could include tax effective life insurance purchases or financing using insurance.
At some point in your life you will no longer be involved in your business.
You need to plan for this event.
To build the business you have today, you’ve invested years of your life and the bulk of your financial assets. It’s inevitable that someone other than you will own and run your business sooner or later.
Perhaps you’ll transfer your business to family members or maybe you’ll sell to a promising employee. You might also sell to an outside investor.
Whichever path you choose, there’s a lot to consider before you make your move. It’s important to realize that succession planning is not a short-term exercise or a one-time event. Effective succession planning is a long-term process. It only makes sense to get the right advice.
SPH can assist in the timing of gifts to make the most of tax credits, establishment and administration of private foundations, and structuring bequests in your will.
We can take care of your compliance requirements including accounting services for companies and estates, tax returns for companies and individuals and tax returns for estates and beneficiaries.
Contact us today to discuss your unique situation.