Are You Thinking About Year-End Planning?

My family and I got to decorate our office windows for Halloween with the Bird Rock Community Council. We had so much fun participating in this darling tradition with the Bird Rock merchants and families.

Here's What I Recommend for Your Year-End Financial Planning

 I’ve been keeping busy with year-end planning for clients and, in particular, clients who want to accomplish planning designed to mitigate the estate tax in light of possible changes to the law.  

Tax savings is a great motivator for people; but in my experience, this type of complex planning works best when it enhances your family culture. I love working with families to consider how best to do that. The best outcome is that we save taxes, yes, but also that we create an architecture that allows your family to know and grow in its values. 

Some techniques that have worked well for clients include transferring assets to new entities that allow children to participate in the management of the assets; investing in new assets and businesses together as a family; and making charitable gifts as a family. The family generations have something to collaborate on together to stay connected. The younger generations can learn the stewardship and habits that allowed the assets to accumulate in the first place and the older generations can learn what is important and exciting to the young adults starting to make their mark on the world.

Let's have a conversation about how to make year-end planning work for your family!