In this episode of Trust Company Talks, hosts Burke Koonce and Bill Noble are joined by one of Trust Company’s own, wealth advisor and principal, Chris Sutherland, CPA, to help listeners better understand the intricacies of advanced tax planning. Throughout the conversation, Chris explains the potential benefits of various strategies and shares practical examples of how these strategies can be successfully implemented as part of a comprehensive financial plan.
During this episode, some of the topics discussed include:
- Chris’s career trajectory, which included 14 years with PricewaterhouseCoopers (PwC) and how he found the perfect fit working at Trust Company.
- The importance of staying informed about tax changes, understanding estate planning, tax implications and the need for early planning.
- Roth IRA conversions, the significance of income thresholds for Roth contributions and the flexibility of converting traditional IRAs to Roth IRAs without income restrictions.
- The benefits of Health Savings Accounts (HSA), allowing deductions on contributions, tax-free growth and withdrawals for medical expenses.
- Gifting strategies, including the use of donor-advised funds to maximize deductions in high-tax environments.
- Tax loss harvesting for selling stocks at a loss to manage future tax liabilities, offset gains and be mindful of potential downsides, such as selling in a higher tax bracket, particularly during market downturns.
The episode concludes with an emphasis on adopting a holistic approach to financial management, taking into account investments, taxes and other crucial factors.
We hope you enjoy this conversation as much as we did. If you have any questions, please do not hesitate to contact us.
