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A set of legal strategies used to protect assets from civil money judgments, creditors, and other legal claims. Also known as “risk management” or “wealth preservation.” Strategies may include trusts, limited liability companies, and corporations to hold assets and limit liability. Other strategies include the use of insurance, asset transfers, and offshore accounts.
The process of preparing tax returns, often income tax returns, for individuals or businesses. It involves the calculation of a taxpayer's liability or refund due, and the filing of the return with the appropriate tax authority.
The process of recording and tracking all financial transactions, such as purchases, sales, receipts, and payments, in a systematic way. Bookkeeping is an important part of accounting and is used to create financial statements and other reports that provide information about a business’s financial activities.
A tax planning strategy used to minimize the amount of taxes paid by multiple generations of a family. This type of planning can involve a variety of strategies, such as gifting, trusts, and estate planning. It can also involve taking advantage of tax credits and deductions, as well as utilizing tax-advantaged investments. The goal of multi-generational tax planning is to ensure that the family’s wealth is passed down to future generations in the most tax-efficient.
