As we continue our discussion on taxes and their role in building our foundation, we want to address tax planning, tax compliance, and estate planning. So, today we invited on Robert Keebler, CPA® and the founder of Keebler and Associates, to discuss this complicated but important topic. Robert’s business is based in Green Bay, Wisconsin, where they serve clients by helping them navigate the world of taxes and estate planning.
Tax rules are constantly changing, affecting our family’s future income. Using statutory tax shelters such as a 401(k) or a Roth can be a way to safe way to save on taxes. We all have different amounts of investible assets, but what are some things that we should be considering when it comes to taxes and our overall estate?
Tax compliance and tax strategy are philosophically different. While one focuses on the big picture, the other rewards close attention to detail. In the last 10 years, we have seen a massive shift from tax planning done by CPAs to financial planners. However, there certainly needs to be brighter lines drawn in the profession of who does what. Most people are great at either compliance or strategy but not both. Ignoring this can be a big problem for businesses that try to combine the two.
Robert has been in the tax world a long time and he has seen cases of poorly done tax planning and well-done tax planning. The matter comes down to where we can find tax shelters in congress or through legislation.
Robert also discusses asset tiers and where people should think about investing. He recommends those with around $500,000 of assets focus on putting everything they can away into 401(k)s, pension plans, Roth IRAs, Roth conversions, low turnover investments, and perhaps donor-advised funds for charitable giving. This is basic asset protection. If you have more than $2,000,000 in assets, you’ll want to be doing the same in addition to researching new investments. Have 10 million-plus in assets? You’ll want to look into locking down your estate planning and really thinking about charitable trusts and maybe even private foundations.
With a large number of assets and investments, protection becomes key. Robert recommends a large umbrella policy with an insurance company that will defend any liabilities. It’s an investment for your asset protection but also an investment in a good lawyer that will protect you. Look into the usefulness of trusts and LLCs. Compartmentalize your wealth and certainly get as much liability coverage as you can.
We cover all of this and more on today’s episode. Listen to the full episode to learn more or skip around to certain topics.
Tax Planning Buckets: W2W Tax Planning
0:50 – Introducing Robert Keebler
2:18 – Robert’s backstory
4:03 – Coronavirus impact
6:50 – Misconceptions about taxes
9:42 – Tax compliance vs strategy
13:30 – Finding the right people
17:36 – CPAs being conservative
21:58 – Tax planning done poorly and well
23:17 – Tax planning made simple
24:44 – $500,000 investible assets
25:56 – $2 million investible assets
26:27 – $10 million investible assets
27:56 – Estate planning and asset protection
28:38 – Large umbrella insurance policies
31:47 – Questions for CPAs and other professionals
33:14 – How to contact Robert
About our guest: https://keeblerandassociates.com/about/
More Episodes: https://www.theway2wealth.com/
More About Scott Ford: https://www.carsonwealth.com/team-members/scott-ford/
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