Question: Which is more effective in increasing your family’s overall wealth?
A. Increasing your Investment Portfolio
B. Reducing your Taxes
The answer is “B” – Reducing your taxes.
Consider the following. Individuals in the top income bracket may pay over a third of their earnings in taxes to the government each year. Families with a net worth of over $10 million face an anticipated estate tax of at least $3 million in 2014 and beyond. In these cases, large tax payments often exceed healthy gains made in an investment portfolio.
The primary focus of your financial advisory firm should be to manage your overall wealth – not just your investment portfolio.
At Strategic Wealth Planning, we reach beyond your portfolio to design and implement strategic plans to minimize estate and income taxes.