Typically involves working with the non-moneyed spouse to make sure they can become or remain financially independent. The use of cash flow and tax projection reports become crucial in determining the future financial well-being of separating and divorced clients.
Tax Season leaves many Americans feeling uncertain and stressed. Much of this is due to the size of the tax code, which has doubled in recent years.The record keeping requirements are also becoming more involved at every level. The need for professional help in the area of taxes has never been greater.
After filing taxes many emotions can surface:
Not sure you paid the proper amount?
Overwhelmed by the complexity and record keeping requirements?
Wondering what to do about the coming year – should you adjust withholding or pay larger estimated taxes to avoid penalties or reduce your refund?
Tax-advantaged planning is more than simply gathering the necessary information and computing the capital gain or loss based on the provisions of the tax code. Tax-advantaged planning is proactive and forward looking, whereas Tax Preparation is reactive and historical. Tax-advantaged planning means knowing where you stand currently so you can take action before year-end to help reduce taxes.
Preparing for your Tax-Advantaged Planning Meeting:
Having the following materials available at your first meeting will help us create an accurate personal financial statement:
- Most Recent Federal And State Tax Returns
- Most Recent Paystubs
- Current Income
- Living Expenses
- Financial Statement
- Estate Documents (Wills and Trusts)
-Current Statements (Bank, Mutual Fund, Brokerage 401K, Insurance, etc)
The primary issue facing all estates is ensuring that assets are transferred as desired.A second issue currently facing larger estates is federal and state estate tax. Because of an estate tax credit, an individual can transfer a substantial amount of assets without any estate taxes due to someone, other than a spouse.Transfers to spouses of an unlimited amount can occur while living or at death without gift or estate tax because of the Unlimited Marital Deduction.
Minimize Taxation with Strategic Estate Planning
Basic estate planning involves giving assets up to a certain amount to an individual other than a spouse or to an entity such as a Credit Shelter Trust with income benefits for the surviving spouse.
Our aim is to provide you with a simple, one page estate report flow chart detailing the distribution of your estates and the approximate amount of estate taxes due. Once armed with this information can we assist in coordination of your comprehensive estate planning package.Now is a good time to review your estate documents and make sure they are appropriately aligned with your current goals. Having a review with your estate attorney every one to two years is also advisable.We typically join our clients at all meetings with their estate attorney and we send copies of the Estate and Net Worth Reports to our client's attorney's on a regular basis.
Your estate planning flowchart is only one portion of your financial planning reports package. The power of your estate planning report is that it is integrated with your entire financial portfolio.
Objective Advice Delivered by a Fiduciary
NORTH CAROLINA OFFICE (Main)
4509 Creedmoor Road, Suite 201
Raleigh, NC 27612
(919) 570-3300
Wake Wealth Management Co. serving clients in Raleigh, North Carolina and throughout the Triangle. We offer financial planning on a “Pay as You Go” hourly basis or ongoing financial planning for a quarterly retainer fee. The retainer fee is based on the scope of the engagement, the type of advice needed and considers a client's total financial picture.
Securities offered through LPL Financial, LLC. Investment Advisory Services, including financial planning services offered through Wake Wealth Management Co which is not affiliated with LPL Financial, LLC. Click here to view Form CRS.© Copyright 2026 Wake Wealth Management Co.
