Tax-Efficient Family Gifting: An Advisor’s Guide
The line between taxes and financial behavior is very thin. Taxes give clues to other issues that might be going on beyond what goes on the tax return. Even though many of the answers are not tax-driven, the fact that financial planners are often viewed as trusted tax advisors (which in turn is often different from being the tax preparer) means they have the opportunity to learn where there are other questions that need to be addressed.
Recommended Articles
Ask an Advisor: How Can Tax Rates Be Higher in Retirement Than Your Earning Years?
Required minimum distributions (RMDs) are certainly a reason that a person’s tax rate might go up in retirement, but they’re not the only reason. There are a number of possible scenarios in which a person faces higher taxes in retirement when compared to their earning years. (And if you need help with planning for taxes in retirement, consider matching with a financial advisor.)
Read More
Why Tax Planning is Not a Choice—But Being Great At It Is
The IRS is not shy. They want a cut of the action anytime money is involved. Taxation doesn’t discriminate either: They will take their piece whether it’s cash, real […]
Read More
Advisor Tax Mistake #2-Not Getting Referrals from COIs
“I send tons of clients to my local CPA, but she never sends me a single client back!” As an advocate of advisors working closely with tax preparers, and as a tax preparer myself, I hear the complaint of unreciprocated referrals all the time from financial advisors.
Read More
