Schedule A Free Consultation

Atlanta Financial and Tax Planning Attorney

Book A Free Consultation

Retirement Planning Specialists, Inc.

Our affiliated financial planning firm, Retirement Planning Specialists, Inc, which was founded by Jeff Fouts, provides financial planning for help in all areas of personal wealth building, such as tax, estate, and retirement planning.

Developing a financial plan early in life and making smart choices throughout your life can allow you to achieve financial security for yourself and even for future generations. Let us help you to use your money to achieve success beyond your dreams.

Financial Planning Attorneys in Atlanta, GA

Financial planning is not something only the wealthy must do. Regardless of your income, our legal team wants to help you put your money to work. We provide assistance to people with the creation of an initial financial plan and with updating their plans to adjust to changing circumstances. Give us a call at (678) 242-8344  to speak with an Atlanta financial planning lawyer who can provide personalized planning advice and answers to financial planning questions you have including:

  • When should I start financial planning?
  • What should be part of my financial plan?
  • How Can a How can Retirement Planning Specialists, Inc. help?

When Should I Start Financial Planning?

You should start financial planning today if you do not have a plan in place already. Many people will work their whole lives and end up with minimal savings or with an insufficient retirement fund. When you work hard to earn a living, you deserve to be able to do things like send your children to college, enjoy your golden years, and leave a legacy for your loved ones.

Unfortunately, with the financial demands that are so common throughout the course of your life, it can be hard to accomplish both short-term and long-term money goals if you don’t have a solid plan in place. Retirement Planning Specialists, Inc. can help you to make your plan.

The sooner you work with a financial planning professional, the easier it is to be able to save enough money to achieve your dreams, since you can get the maximum benefits from compound interest. Beginning to save early also allows you to take full advantage of financial accounts with annual contribution limits, since you will not miss years of investing that you never get back.

If you are making a lot of money and have already begun to build wealth, it is also important to get financial planning advice. While you may feel as if you are on the right track with your saving and investing, there are always risks in life that could undermine your efforts and cause you to lose what you have built.

An attorney who offers financial planning advice can help you to identify possible threats to your financial security and risks that could affect your legacy. With both financial and legal knowledge, an attorney is uniquely qualified to help you find strategic ways to get the maximum benefits from asset protection tools.

What Should be a Part of my Financial Plan?

Your financial plan needs to be personalized to your life situation, income level, the ways you earn your money, and the goals you have for your future. Someone who earns wage income, for example, is going to need to put a different plan than a small business owner who may face risks to personal assets as a result of professional investments.

No matter what your situation, however, your financial plan should include setting financial goals, identifying the most strategic approach to achievement of those goals; and making use of the necessary legal tools to protect the wealth you have built once your goals are achieved. Some of the different ways in which you can complete these essential financial planning tasks include:

  • Using tax-advantaged accounts, such as IRAs, which also receive legal protections including protection in case of bankruptcy.
  • Setting investment goals at different phases of your life and choosing the right types of financial products to invest in.
  • Using trusts, powers of attorney, and other tools to provide protection in case of incapacity or other sources of financial loss.

These are just a few of the different steps to making your comprehensive financial plan. An attorney can provide the personalized advice you need to create a plan that works for you.

Tax Planning in Atlanta, GA

Fouts Law Group, LLC provides assistance with tax planning to individuals and businesses. Tax planning must be done during your lifetime so you can build wealth more effectively and protect your assets from burdensome taxation. Tax planning also must be done to make sure that a legacy you leave behind is not destroyed due to IRS demands.

If you are starting a business, making investment or financial choices, or creating an estate plan, you need to get legal advice today from an Atlanta tax planning lawyer. Our legal team understands the ins-and-outs of Georgia laws and federal laws on taxation and we can offer you the personalized advice you need to create a plan for the first time or to update your plans to account for changing circumstances.

Give us a call at (678) 242-8344 to speak with an experienced attorney about a personalized tax plan for you and to get answers to questions you may have about tax planning including:

  • What do individuals and companies need to know about tax planning?
  • What type of estate tax planning do I need to do?
  • How Can an Atlanta tax planning lawyer help?

What Do Individuals and Companies Need to Know About Tax Planning?

During the course of your life, you likely will pay hundreds of thousands of dollars in income taxes. If you own a business, that company may also have to file a separate tax return and pay taxes as well, depending upon how the organization is structured.

Compliance with state and federal tax laws is important to avoid financially devastating civil penalties and to avoid potential criminal prosecution. However, while you must comply with the law, you can and should also take advantage of tax breaks and of different methods of reducing your income tax burden.

Tax planning can involve exploring different ways to reduce the amount of tax that you, your company, or both will need to pay.

For those who are self-employed and who own their own businesses, often the most important part of this process is to determine how the organization will be structured.  For example, if you are organized as a C-corporation, there is the potential for double taxation because you will pay taxes on dividends or distributions and the company is also taxed on its profits. If you are organized as an S-corp, on the other hand, the company pays no tax and profits and losses can pass through to company owners. Those who own S-corps can sometimes take part of the company’s profit as distributions, rather than paying themselves a high salary. This can reduce Medicare and Social Security taxes.

Tax planning is also important for people who are not self-employed but who earn regular income. Maximizing tax deductions is a part of your planning process. You also should strongly consider exploring the possibility of investing in financial accounts like IRAs and 529 college savings accounts which provide you with tax breaks.  There are contribution limits and restrictions on how much you can earn while still getting tax benefits from IRAs, so you should talk with a tax planning lawyer to find out about how you can best take advantage of accounts that provide you with tax benefits.

What Type of Estate Tax Planning Do You Need?

In addition to considering tax issues during your lifetime, you also need to think about how your death can trigger taxes. Estate taxes are charged on large estates, and can sometimes end up forcing the sale of family farmland or a family business if there is not enough liquid cash to pay for the estate taxes. There could also be transfer taxes and capital gains taxes when property is inherited by heirs or sold upon your death.

You need to understand how best to transfer your property to your loved ones in ways that can reduce or avoid taxation after death. Your legacy should not be affected by the IRS trying to get its hands on money you have worked hard to acquired during your lifetime.

How Can Retirement Planning Specialists, Inc. Help? 

Retirement Planning Specialists, Inc. can provide you with invaluable assistance so you can make smart moves when it comes to managing your money and growing your wealth. To find out how a Retirement Planning Specialists, Inc. can help you, give us a call at (678) 242-8344 or contact us online today to speak with a member of our legal team.

Schedule A Free Consultation

Fouts Law Group

Why Choose Us?

Free Consultations

30 Years Of Experience In Estate Law

Work With An Attorney & Published Author

Call us

(678) 242-8344