Tax Planning Strategies

We'll work to reduce taxes
on your wealth.

Retirement Tax Planning

When tax rules are up in the air, soon to change, or recently changed, you may feel like your tax foundation has become unsteady. You may feel as though you just got a handle on your tax savings strategy. 

Questions begin swirling through your mind like:

  • How can I use the current unpredictability around taxes to my benefit?
  • Are my investments still aligned with my tax strategies?
  • Will I likely pay more in taxes in the coming years?

Less money in taxes = more for you to enjoy.

Our tax reduction strategies are some of the most important planning our team, and on-staff CPA Travis Smith, does. The last thing you want is to save well your entire life, only to have it eaten up by taxes in the end. That’s why your retirement deserves a committed plan for taxes. 

Without retirement tax planning, you could end up paying several thousands more than you were thinking. 

When you’re a high earner, one thing is sure. Changes to the tax rules can have an expensive impact on how much you keep

With every new change, you have the option of running toward the hidden opportunities that uncertainty presents. 

OR

You can leave things “as is” and deal with any expensive surprises later (when it’s probably too late to do anything about it). 

End result by planning:

  • Optimize Social Security benefits
  • Substantially reduce taxes in retirement
  • Better prepare for tax law changes that always come
  • Build a plan for lifetime tax-efficient income
  • Reduce investment risks

Disclosure: Results will vary based on the amount of qualified ‘pre-tax’ funds a client has. This illustration  is based on a client having approx. $900,000 in pre-tax deferred accounts (IRA’s/401(k)’s, etc.) The analysis assumes that one person lives to be ninety and that taxes do increase in the future. It also assumes a 7 percent rate of return and that taxes are going up in the future. With our tax planning assistance, this client was able to pay only $63,000 in taxes vs. $599,844 if they had not done tax planning.

We believe taxes are going up.

One of our goals is to get our clients as close to the zero tax-bracket as possible.  

Tracking your exposure to various taxes (e.g. ordinary income tax, capital gains tax, the alternative minimum tax, the net investment income tax, etc.), and your rights to various credits and deductions, requires time and effort.

Along with the expertise to make informed decisions about your investments, we can ensure that you are maximizing your tax savings during this phase of your life.  

Call us today for a complimentary consultation.

NorthStar Financial & Retirement Planning (864) 297-0762

Investment Management

Investment management is a crucial piece to most individuals’ financial plan. However, few take the time to weigh their options and a lack of understanding can lead to reduced income for the rest of their lives. Our goal is to maintain a reasonable rate of return while protecting your assets during market downturns.
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Income Planning

We customize each retirement strategy according to our clients' needs so that they can spend with confidence without fear of outliving their money.
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Tax Planning Strategies

We strive to build a tax strategy that will bring our clients as close to a zero percent tax bracket as possible. Our CPA, Travis Smith, focuses on tax reduction strategies. Less taxes = more to spend in retirement!
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Long-Term Care Planning

Long-Term Care Planning requires taking the time to understand how long-term care affects each of us and finding the right solutions to protect what we have worked so hard for. We'll also help you weigh the decision between staying home and moving to a retirement community.
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Healthcare & Insurance Planning

Insurance, Medicare, Medicare Supplements and Advantage plans must be part of the conversation when building a comprehensive retirement plan. In order to help prepare for medical costs in retirement, we can help you file for Medicare, figure out which plans are right for you, and prepare for any costs that Medicare doesn’t cover.
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Estate & Legacy Planning

We understand how important family is to our clients, and we want to help them provide for their loved ones through proper estate and legacy planning. We focus on strategies like multi-generational IRAs. We also use tax mapping, so our clients can leave a greater legacy to their family. Our estate planning attorney can assist with designing your will and/or trust.
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Contact us for your
Free 5-Step Retirement Guide.

Our 5-STEP RETIREMENT GUIDE will show you what information is needed to understand the risks associated with retirement so that you can make smart retirement planning decisions.

How can we help?

It can be difficult to decide where to go for financial advice. At NorthStar, we believe in the Golden Rule: treat others the way you would like to be treated. We understand that people can be apprehensive when asking for information and assistance.

Our promise to you is that we will be respectful of your time and there will be no pressure or obligation to do business with us. We want you to be comfortable from the minute we meet!

- George

George Fossing RICP® | CLTC®, President, CEO