Tax Planning

Some taxes are unavoidable. However, proper tax planning and management can lower the overall tax burden to yourself and your family.

We will work with your trusted accountant, or if you prefer, we will consult with our partners at Lucas Group CPAs on areas of more complex planning. As part of a comprehensive financial plan, we examine the following areas of tax:

  • Types of savings: should you be saving into pre-tax or Roth accounts?
  • Roth conversion planning: is this a good time to convert some pre-tax dollars to Roth?
  • Asset location: are your investments situated in the proper accounts to maximize after-tax growth?
  • Tax-managed investing: for accounts that are taxable, are we making every reasonable effort to minimize tax implications?
  • Income tax planning: are there ways to lower your income taxes? 
  • Charitable giving: are your charitable donations giving you the greatest tax benefits that they can?
  • Legacy tax planning: are we accounting for the impact of taxes on your beneficiaries? Although you may not have an "estate tax" (based on the size of your estate), some accounts, such as IRAs, may still be taxable to beneficiaries.
  • Estate tax planning - if your estate is large enough to become taxable either in Illinois or at the federal level, are there any planning opportunities that could reduce this tax burden?

We firmly believe that taxes matter and need to be accounted for as part of your financial plan and investment portfolio. As a team, we review the tax implications of our recommendations. While we don't have a crystal ball and don't know what taxes may look like in the future, we do our best to educate you on your options and strategies that may be advantageous both now and in the future.