Why Private Clients Need a Tax Planning & Compliance Partner

Wealthy family of four on the bow of a sailboat relaxing because they have a tax planning and compliance partner.

Why Private Clients Need a Tax Planning & Compliance Partner

Wealthy family of four on the bow of a sailboat relaxing because they have a tax planning and compliance partner.

Private clients, affluent families, and family offices need a go-to tax planning and compliance partner. Tax laws have become increasingly complex over the past five years, and more changes are coming. Advanced tax planning and annual preparation must be handled by experienced advisors who understand how important it is to protect your wealth and legacy. 

The same is true for your business ventures. From day-to-day bookkeeping, payroll, budgeting, forecasting, and cash flow management to long-term planning, tax advising, and estate planning, business owners need holistic support for their personal and professional needs at every stage of their companies’ growth.

How can a go-to tax planning and compliance partner help?

Advanced income tax planning and tax returns – Tax planning and compliance are complex. From evolving tax laws and residency considerations to eligibility for tax credits and deductions, your CPA can help you, your family, and your business ventures maximize tax benefits and minimize your tax liability. 

Real estate – Choosing to own or invest in real estate has advantages, but there are also complexities involved in purchasing, owning, and selling it. With a CPA as your tax planning and compliance partner, you can successfully navigate your options and make informed decisions that help you reach your goals.

Charitable giving – The mechanism by which you gift can have tax advantages. Your CPA can help you with everything from donor-advised funds, private foundations, gifts-in-kind, end-of-life endowments, and more.

Generational wealth transfer – How, when, and how much you give to your family has tax implications. But the right tax planning and compliance partner can help you create and implement generational giving strategies and maintain compliance.

Investment opportunities – If you are asked to invest in a REIT, venture fund, or start-ups, your CPA can help you analyze the risks and potential rewards.

Succession & exit planning – Business owners need support before, during, and after the sale of their business. The years leading up to the sale of your business may have the most significant impact on the sales price. With proper planning, you could increase the value of your business by 30-50%. Budgeting, forecasting and cash flow management, profitability analysis, benchmarking, financial statements, succession planning, and valuations are all tools we can use to make your business attractive to a range of potential buyers and to attract multiple offers. 

Sale transactions – Your financial life also becomes more complex following a liquidity event. Still, with your tax planning and compliance partner by your side, you have a broader range of financial guidance at your disposal. During the sale of your business, your CPA can provide due diligence, advise on tax-optimized deal structures, and provide tax analysis, tax projections, tax minimization strategies, and tax structuring. Your CPA can also provide a state and local tax nexus review.

What makes ARB the right choice?

We will work with your attorney, family office, wealth manager, foundation director, and more to ensure they have what they need and you and your family are receiving the highest level of accounting and advisory services. We can provide a full range of accounting services and will create a custom plan based on your personal and professional needs. Here’s what you can expect from us: 

Savvy solutions – We will combine strategic thinking with clever solutions to help you minimize your taxes, achieve your financial goals, and move your family forward.

Experienced professionals – You will have direct access to partners with extensive experience in income, gift, private foundation, family investment partnership, business entity, trust and estate tax planning and compliance.

Dependable value – Our focus will be on you and your legacy, so you can rest assured your wealth management and estate plans consider all the generations of your family.

Collaboration – As a cohesive team, we will work with you and your financial advisors, attorneys, risk managers, insurance specialists, and other professional advisors.

A proactive approach – We will stay on top of filing deadlines, legislative changes, and other issues that may affect you and your family so you don’t have to.

Relationships, not transactions – As your trusted advisor, we will be right by your side, ready to offer straightforward, honest advice with a dose of Maine kindness.

Contact Albin, Randall & Bennett 

ARB’s Private Client Services Group provides affluent individuals and families with year-round, comprehensive guidance that extends to their closely-held businesses, foundations, trusts, estates, and other financial ventures. We collaborate and proactively communicate with our private clients’ other advisors, such as attorneys, wealth advisors, and insurance specialists, to facilitate seamless wealth management solutions. Contact me today to learn more.

by Matthew Pore, CPA

Matt Pore is a principal at ARB and works extensively with private clients & family offices, closely-held businesses, and automotive dealerships. As a Private Client Advisory Services Team Leader, Matt is actively involved with his clients in all aspects related to “Tax,” whether they’re buying or selling their businesses, harvesting tax credits, cash flow planning for estimated tax payments, or restructuring for optimal estate and wealth transfer considerations.