Do You Know How to Stay Wealthy?
Most wealthy people work tirelessly to obtain their wealth and then continue to practice the same principles to maintain that wealth. However, achieving wealth and maintaining wealth over the long haul are two entirely different things. Therefore, it’s important to have the right advance plan in place if you wish to hold onto the wealth that you’ve worked so hard to obtain.
So what kinds of measures should you take to keep your wealth? The simple answer is that it takes some careful planning ahead. Advance planning often takes the skilled help of an experienced accounting and wealth management firm. That’s because in order to effectively hold onto your wealth you need to utilize every necessary and legal measure it takes, including tax planning and financial planning.
There are three major components to effectively protecting your wealth. They include asset protection planning, wealth enhancement and estate planning. All three of these factors are important elements to advance planning and protecting your wealth. Asset protection planning means you take the necessary steps and planning to protect your wealth from being taken. Wealth enhancement consists of effectively planning and strategizing in order to keep your taxes to a minimum, and thus keeping more of your wealth to yourself.
Finally, estate planning is using legal measures to ensure that your assets and your loved ones are taken care of after you die. At GROCO, we can assist you with all of these kinds of advance planning tactics. Click here to learn more or give us a call at 1-877-CPA-2006.
Where Is Your Paycheck Going?
While many of the nation’s high net-worth individuals make much of their income through capital gains, those who still collect a paycheck are doling out of cash to the IRS every time they get paid. The same is true for all taxpayers no matter what income level they fall in. In fact, according to a…
Should the IRS File Your Taxes for You?
Imagine a world where you didn’t have to file your own taxes. Of course, you can use an experienced and professional tax and accounting firm like GROCO to do your taxes for you, but what if you didn’t even have to send your tax return information to an accountant? Could that ever really happen? In…
Unstable Stock Market Could Hurt State Tax Budgets
While many feel the wealthy should be paying more in taxes, the efforts to enforce this strategy does have some consequences for state budgets. Many of the country’s wealthiest individuals hold the majority of their wealth in stocks. That means when the stock market goes down, so do the tax payments of the wealthy. In…
Florida Looking to Lure More Wealthy Taxpayers
The reports regarding many of the nation’s wealthy packing up and moving to different states in order to avoid the high taxes where they currently reside continue to mount. According to one such report, David Tepper, the president of Appaloosa Management L.P., who is the wealthiest resident of New Jersey, is in fact no longer…