Taxes are a certainty – but one that can be strategically planned for.

Raymond James recently asked investors about how they’re planning for the future of their wealth. One thing that will inevitably impact that future? Taxes.

64% of respondents ranked taxes as a top concern with passing on wealth, and 91% said tax efficiency was a somewhat-to-extremely important part of wealth transfer planning.

There seems to be a disconnect, however, between knowing tax planning is key and actually doing it. 37% of respondents answered “no” or “not sure” when asked if their wealth transfer plans included tax-efficient strategies.

Given the complexities of our tax code and the regularity with which the rules change, it’s understandable that tax planning can feel like a moving target, requiring intensive time, skill and regular revision to do effectively. But setting yourself on the path to a tax-ready wealth transfer plan could be easier than you think.

Think beyond Tax Day

At your next visit, consider talking to your tax planner about incorporating tax-efficient strategies and vehicles into your wealth planning.

Get to know your options

Trusts, specialized insurance, structured giving vehicles … all can play roles in wealth preservation and could feature in your transfer plan.

Start now

See what tax strategies you can employ today to help maximize either what you want to use or what you want to preserve.

Bring in the professionals

Mapping out the future of your life’s work can feel overwhelming. Which is why working with an advisor – and key experts like estate planning attorneys to help you tackle the intricacies of tax-efficient vehicles like trusts – can help.

What else will impact your wealth’s forward progress?

Starting the conversation is one of the most important steps in the success of your wealth plan – but it’s just one. Explore the other key components of a solid intergenerational wealth plan below or go back to the beginning.

Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. There is no assurance any investment strategy will be successful. Investing involves risk including the possible loss of capital.

Based on a survey of 1,000 individuals with $500,000 or more in investable assets conducted in November 2022 by Raymond James.