High Net Worth Individuals and Families

Tax preparation is the process of gathering your financial information and completing your tax return. This is typically a one-time event that takes place once a year. Tax preparation is done after the tax year has ended and limits the number of options you have to reduce your liability. The outcome of the final liability is unknown until the tax returns are completed.

Tax planning is a more proactive approach, which involves taking steps throughout the year to minimize your tax liability. It can include things like contributing to retirement accounts, deducting business expenses, and taking advantage of tax credits and deductions. This allows you to manage your cash needs more effectively while removing the stress from the uncertainty inherent in just preparing your taxes after the fact.

Tax strategy is the most advanced form of tax planning. It allows you to balance your long term financial goals with tax minimization. It considers your current financial situation, tax & legal structure, future financial goals, and the ever-changing tax laws and uses complex legal and financial strategies to minimize tax liability and accumulate wealth.

Your Highstreet advisor can help you determine which kind of tax service you may need.

Family offices provide a wide variety of integrated wealth management services to ultra-high-net-worth families with more than $30 million in liquid assets. Family offices can provide various kinds of advisory and concierge services, including succession planning, education, trusts, and building the financial knowledge of upcoming generations so that they can better manage their wealth. Your Highstreet advisor can help you determine if you could benefit from a family office.