Six Custom Tax Planning Tips for High-Income Individuals and Families

Tax planning is a multifaceted process that requires a personalized approach, especially for high-income individuals and families.

Estate planning documents.
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Taxes are probably the greatest impediment to growing wealth. This is particularly true for the family business. There is no one-size-fits-all solution for tax planning. Your situation is uniquely your own, shaped by your specific goals, needs and limitations. 

Yet when a high-income individual or family meets with a tax attorney to plan for their future, they often have a similar experience. The lawyer immediately throws out alphabet soup recommendations, from CLTs (charitable lead trusts) and GRATs (grantor retained annuity trusts) to DSTs (deferred sales trusts) and CRTs (charitable remainder trusts), before fully understanding their clients’ desires. The firm may have an interest in marketing specific products that they sell, which may also come with hidden costs and fine print. 

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The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.

John Goralka

John M. Goralka, J.D., LL.M. Certified Specialist, Taxation Law Certified Specialist, Estate Planning and Trusts THE GORALKA LAW FIRM