Tax Planning
Tax planning considers the tax implications of individual, investment, or business decisions, usually with the goal of minimizing tax liability. While individual decisions are rarely made solely on their tax impact, New Harbor’s Certified Financial Planner™ practitioners will help you explore the tax and cost implications of your options.
A major goal of personal tax planning is minimizing federal income tax liability. This can be achieved by:
- Reducing taxable income through income deferral or shifting
- Deduction planning
- Investment tax planning
- Year-end planning strategies
- Establishing a retirement plan for your small business
Estate planning
Estate planning creates a master plan for the management of your property during life and the distribution of that property at death. A major goal of estate planning is to minimize potential taxes without interfering with your other financial goals. You can help protect the assets you transfer from excessive depletion by understanding these taxes and the various strategies you can use to minimize them.
For most people, effective estate planning will:
- Give you more control over your assets during your life
- Provide care when you are disabled or require assisted living
- Allow for the transfer of wealth to whom you want, when you want, at the lowest possible cost
Some of the estate planning issues New Harbor’s CFP® practitioners will help you navigate are:
- Asset transfer strategies
- Minimizing transfer taxes
- Asset protection
- Charitable giving