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3 Reasons Your Financial Plan Should Be Tax-Intelligent

3 Reasons Your Financial Plan Should Be Tax-Intelligent

January 10, 2024

Pursuing financial success is about more than accumulating money. It requires a cohesive, centralized plan that considers your goals for retirement, family education needs, personal property goals, and more. You also need a plan that takes tax implications into account and doesn’t overlook key opportunities that can save you money or let you keep more of what you’ve earned.

At Kore Financial Group, we are creative problem solvers who believe in providing our clients with cohesive, centralized financial planning through a tax-centric approach. Keep reading for three reasons your financial plan should be tax-intelligent.

1. Investment Strategies to Take You Further. Most investors understand that they should have an investment portfolio reflective of their risk tolerance, timing/plans, and liquidity needs. These are important elements of your financial plan and should always be considered. However, a truly tax-centric investment strategy minimizes your tax liability while supporting your overall financial goals. Strategies such as tax-loss harvesting to offset capital gains or income, a mix of tax-deferred, tax-free, and taxable accounts, and charity donations can help your investments work smarter, not harder.

2. Make Retirement Planning Work for You. Retirement dreams usually start several decades before you’re ready to truly step into your golden years. To plan for a stable and secure financial future, I suggest you identify your retirement wish list and needs early. For most people, retirement finances will come from various sources, such as qualified retirement plans, Social Security, personal savings, and investments. A tax-smart strategy for retirement includes consistent evaluation and planning of retirement accumulation and withdrawal stages for various types of retirement savings. It’s important to work with an advisor who understands the tax implications of saving and spending in retirement so you can maintain your desired quality of life.

3. Legacy Planning to Help Secure Your Family’s Future. A tax-smart strategy for transferring your estate to loved ones not only helps make sure that your assets are protected in the way you wish, but it also minimizes estate taxes for the recipients of your wealth. A legacy planning partner should consider everything from your health care wishes, planning for the educational needs of loved ones, charitable causes you wish to support, and the future of your family members. Doing so through a tax-intelligent lens that incorporates strategies such as setting up a trust or obtaining a life insurance policy will build a more stable future for those you love.

At Kore Financial Group, we help clients pursue their goals by assessing their entire financial situation and looking at the big picture. Whether you are seeking investment strategies to grow your wealth, planning for retirement, or considering the legacy of your estate and want to secure your family’s future, our team helps clients create tax-intelligent financial plans to minimize your tax liability and maximize your life. We consider investments, taxes, insurance, education planning, business planning, and more to create a plan with you and your goals at its 'Kore.'

Contact us to get started on your tax-intelligent financial plan.