Significant opportunities for tax savings exist with skillful planning of the timing of income and deductions. We apply our extensive experience in evaluating the tax saving possibilities of investments and structuring family financial affairs to minimize the tax burden. For some clients, the objective is to defer payment as long as possible while avoiding penalties. For others, the tax amounts are large enough that predictability and liquidity of financing will be the primary issues. We develop an understanding of the overall financial situation and personal management philosophy of our clients so that we can help them anticipate and plan effectively.
We regularly consult with our clients about real estate matters such as purchases, sales, leases and tax-deferred exchanges. Because of our frequent involvement with real estate issues, we stay in touch with the latest market conditions and therefore can make informed recommendations. For the high net worth individual, we find that a portion of real estate financing is often not a necessity, but an investment choice among many alternatives. We outline and explain the choices in an understandable manner, so that our clients can make the choice that is best suited to their individual situation and concerns.
Many employers offer compensation packages that provide the opportunity to defer a portion of the total compensation being offered. We assist our clients in evaluating these plans and determining whether or not participation is right for them.
Fiduciary responsibility often accompanies family wealth. We provide assistance in meeting the legal and family obligations for periodic reports on operations of funds held in trust. We assist clients in setting up and maintaining financial records of funds held in trust, and can prepare accounting reports for court filings.
Stock options present an individual with a wide range of financial and personal issues. We counsel our clients on the variety of option plans, how options are taxed, option exercise strategies, and how to invest the proceeds. We also personally refer our clients to Bay Area professionals in investment advising and estate planning.
Retirement accounts often represent a client’s major asset. Opportunities available in Roth IRA conversions can enhance both estate planning and retirement income planning. When required distributions begin, we help clients calculate and plan timing of the distributions and related tax payments.
Some of our clients are continuing a family tradition of strong charitable giving; others possess newly acquired wealth. Both situations offer opportunities for support of worthy causes with gifts of cash, appreciated stock, and real property, as well as family foundations, donor-advised funds, and charitable trusts. We help our clients find the right vehicle for achieving charitable objectives and evaluate the tax savings that will result. We often consult with our client’s legal advisor and charity staff to assist in the development of a plan for charitable support.
We provide a full range of individual, fiduciary, and estate and gift tax services, including research and tax planning. We provide audit support in the event of governmental examinations by IRS, state or local government agencies.
In the area of estate planning, we take a big picture approach that takes an individual’s complete financial situation into account, minimizes taxes and preserves assets for the family. We bring an understanding of individual and family needs, and advise our clients on the administration, benefits, and taxation of charitable giving and trusts. Additionally, we recommend legal counsel and guide our clients through the challenging process of estate administration and probate.
We take great satisfaction in our long-term relationships with family groups. Our role can be as basic as accountant and tax preparer, but we often take a personal interest in the overall financial situation of family members, their life experiences, personal goals, and emotional issues. We provide educational sessions for younger family members on tax and finance, and long-term life planning for retirement, disability, divorce, and business succession.
The death of a family member is a significant event, personally and oftentimes financially. Often a spouse or child assumes responsibility for a financial structure of which they had only limited knowledge. They may also find themselves in the midst of a challenging family dynamic. Each situation has its own unique mix of issues, family history, and personalities. We handle the necessary tax filings and financial restructuring, and assist the legal and other professionals in providing family counsel. We also serve families in the ongoing tax planning and compliance for trusts and beneficiaries.
Bregante + Company LLP is solidly grounded in the fundamentals of traditional tax and accounting services, and we provide these services as a matter of course. However, we believe that our high net worth clients especially value our service partnership approach to advising them, and in particular our creative approach to helping protect their interests during certain critical situations that call for skills outside their expertise. At Bregante, we consider and are able to consult with our clients on many aspects of their financial lives, from recurring tax planning matters to estate planning and administration, and everything in between. We join or help build the team of legal and financial advisors that will support a family as it traverses an ever-changing tax and financial landscape.
Virtually every major financial decision is also a personal decision. There is a context, a personal and family history, hopes and fears, risks and rewards, and near-term and future considerations. This context may vary dramatically from one client to another, and even within a family. We strive to understand this context, because in understanding it we are able to tailor our tax and financial advice to help each unique client make the decisions that best suit their situation and philosophy. We often become an intermediary in communicating financial decisions among family members, particularly between generations. Our experience in understanding a variety of contexts enables us to serve as interpreters, and often makes a positive contribution to family relationships.