Wealth Planning & Tax Planning

In Tax Planning, the main issues are the reduction of tax, (not evasion of tax) and the ability to use tax advantageous circumstances in Tax Planning situations.

In Tax Planning it is best to engage a Tax Planner or an accountant because they are specialised in this area. But let us explore what must be done in Tax Planning.

Go to wealth experts and ask a wealth query with regards to Tax Planning.

Let us now look at the important aspects of Tax Planning.

Again we look at the 5 Driving Forces                                            to determine our direction.

The 5 driving forces are Wealth Aspirations, Strategic Wealth Analysis, Strategic Wealth Planning, Wealth Action and Wealth Management.

Wealth Aspirations
Not much to aspire here. The objective is very clear though.

To find out more about Wealth Aspirations, click here...

Strategic Wealth Analysis
Next step is to start analysing a few things:
There are a few taxes that we need to analyse:

1. Income Tax
2. Property (Real Estate) Tax
3. Death Taxes/Estate Duties
4. Business/Company Taxes

Analyse the possibility of reducing some taxes or in some instances there are concerns that taxes may erode the wealth that was created, such as Death Taxes/Estate Duties. Although countries like Singapore have no more Death Taxes, other countries still do, so in that aspects you need to prepare yourself for it.

Other taxes like income tax and business taxes can be reduce by using tax advantageous schemes and plans to reduce these taxes.

To find out more about Strategic Wealth Analysis, click here...

Strategic Wealth Planning
The planning process is better to do it with your Tax Planner or accountant. As mentioned, these experts can better plan for you than you yourself.

To find out more about Strategic Wealth Planning, click here...

Wealth Action
Just execute the plan.

To find out more about Wealth Action, click here...

Wealth Management
The monitoring of the last part is always important. Because tax conditions always change with time. It is vital you sit down with your Tax Planner or accountant to go through the changes and how and what it affects you.

Do sit down with your experts at least once a year or whenever there are changes to your tax situation.

To find out more about Wealth Management, click here...

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