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WHAT TAX STRATEGIES DO WE SPECIALIZE IN?
All tax planning offered though Sky Tower Counsel is coordinated and executed by Tax Attorneys and Master CPAs that have practiced their trade for decades and are held to the highest national standards possible in America. All strategies are ethical and legal in every way. Less than 1% of financial professionals know these solutions exist, let alone have the experience needed to execute them correctly.
To clarify; the Sky Tower Counsel team are specialists and do not perform common tax preparation or replace CPAs. The firm specializes in specific strategies and nothing else. It is for this reason many CPAs refer their Sky Tower Counsel team for proactive tax and legacy planning.
WHY YOU HAVEN'T HEARD OF THESE STRATEGIES BEFORE
Your current advisor knows a few of these solutions, and some of these strategies will be of a benefit solely for yourself and may cause them to lose assets to manage resulting in the loss of fees they would be charging for management. They are not inclined to do what is best for you if it results in a loss of income for them.
Your current advisor is working/or using a large franchise or firm and they would be encouraged to keep clients to standard solutions that involve in the selling of specific products or service the firm could charge the client.
Your current advisor does not know these advanced solutions
SOLUTIONS SKY TOWER COUNSEL IS MOST KNOWN FOR:
Capital gains tax reduction
Before the asset is listed or solicited to be sold, there are 20 strategies to legally reduce or eliminate the capital gains tax on said asset. If the client is charitably inclined there are 30 strategies that will reduce or eliminate capital gains tax on the asset being sold.
Typical assets sold with Capital Gains tax reduction strategies include:
· Businesses
· Commercial Property
· Residential Property
· Portfolios containing managed assets; crypto, stocks, bonds, etc...
How can this strategy be of assistance?
Selling of a business
Do not believe that a buyer is going to give you (the business owner) exactly what you hope to sell the business for(your life’s work and pride). The buyer will have a team analyze every inch of the business in question in an effort to nickel and dime the owner to a price that will be in the benefit of the buyer and not the seller. This process is called: Exit Planning.
Ideally, the exit planning should take place over the course of three years before the business is listed for sale. This process can be complicated and emotionally draining. Without proper planning for the exit and tax of the sale, the sale will fail. Less than 20% of businesses successfully sell, the rest are liquidated for pennies in failure.
Business owners have valued this strategy for the reason it gives the owner control over the taxable outcome which will be anywhere from 20% to 60% of the sale price. Having such bill reduced or removed gives the owner confidence, control, and negotiating room in the offers.
Selling of Commercial or Residential Property
Often times a client may wish to exit the real estate industry, or have an absence of opportunity according to 1031 requirements, or simply; they are tired of the tenants, toilets, trash, and would sell if there was solution for the tax problem.
Qualified Accounts/Managed Assets Conversion
Many clients have sizable qualified accounts (401k, brokerage accounts, TSP, 457, 403b, top hat programs) with the majority of the funds being tax deferred (no taxes have been paid on the growth of the funds yet). The common way to convert from tax deferred to tax free is by way of a ROTH conversion. This however creates a tax bill, and 99% of advisors will instruct you to pay the tab.
This is a failure on the part of financial professionals, as there are more than 4 ways to convert the funds without causing a tax bill.
Other Tax Planning Specialties
· eliminating/reducing estate taxes
· eliminating/reducing income tax liabilities
· cost segregation
· R&D Tax Credits
· business entity tax planning reducing income taxes 15-50%
· business tax planning reducing employee benefit costs by 42%
· business tax planning reducing insurance premiums and retirement costs by 42%
· business tax planning increasing purchasing power 30%
· tax advantaged retirement accounts with contributions up to 60% of client’s AGI, rendering tax savings simultaneously
· charitable planning
· pre investment tax planning
WHAT IS A TRUE INDEPENDENT FINANCIAL FIRM?
In America there are hundreds of financial franchises. In many towns there is one on every block. Most of Americans do not know that the main financial institutions, and advisories are directed and incentivized to push their assigned products, financial planning style, and services approved by management. Many are motivated by bonuses of production, sent on trips, or handsomely rewarded to sell their assigned products or services.
These services take on a very cookie cutter approach, in predesigned easily duplicatable programs. These predesigned avenues of common planning and solutions are geared to reward the seller, and not the client. Most are obsessed with acquiring assets under management (401ks, IRAs, brokerage accounts) for the bonuses provided regardless of the performance of said managed assets. These assets are charged a management fee, that over time can build into a passive income for the advisor.
In our experience being truly independent and unbiased is the only one, true way to provide comprehensive, holistic planning, advice and services to America’s citizens. Meaning, we do not represent one financial institution, one insurance carrier, or one asset management brokerage. Every facet of the planning is tailored to the client’s goals and objectives. From the selection of tools that fit their disposition, character, mindset, and direction in life.
We are loyal to solely our clients, and not to the myriad of solutions!