Tax Planning
Imagine you are going to start a business. Your partner draws up the paperwork and you both sign. He initially owns 25% and you own 75%. You work hard, the business is going strong, and many years later you have a substantial amount of your wealth tied up in the business. But you go back and look at the formation documents and realize that your partner has snuck in a clause that allows him to change the percentage of your business he owns, at any time, without your approval. How soon would you want to get out of that partnership?
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Any money you put in a tax deferred account (IRA, 401k, 403b, TSP, etc) is just like this partnership, but with the IRS. The government can determine how much tax you will pay, by changing tax law from year to year. We help our clients "dissolve the partnership" efficiently so that you and your family pay as little tax as legally possible, and so that you don't have to worry about taxes increasing in the future.
Many tax accountants and CPAs are focused on helping you pay as little tax as possible this year. At Higher Ground, our tax attorneys have a long term vision that aims to reduce your total tax burden over your lifetime and for your heirs. Sometimes it is better to pay a little more tax now if it helps you pay a lot less later.
In partnership with Higher Ground Legal, we offer strategic long term tax planning to help minimize your exposure and keep as much as legally possible out of the hands of the IRS.
