Aaron Newell is a Senior Tax Manager at Delap. He joins Jared Siegel on the podcast to discuss strategic vs. tactical tax management and estate planning.

Tune in here, at delapcpa.com/podcast, or wherever you listen to podcasts:

Here are the highlights from Jared’s conversation with Aaron Newell:

  • Jared asks Aaron how he stays up to date with the rules, regulations, and planning opportunities of the frequently changing tax laws. “With today’s age of technology, there’s always a lot of information available at our fingertips, and [staying up to date] requires a continuous investment [of time] in researching and figuring out how [the research] applies to your client,” Aaron replies.
  • When it comes to strategic tax planning, clients usually fall into one of two categories: proactive or reactive. The services that Aaron and his department provide are largely dependent on which category the client falls into, but they generally try to go beyond what is required of them, with their client’s best interest at heart.
  • Disappointment is a common emotion that heirs feel when a family member passes away and assets are distributed, Jared says. He asks Aaron how he minimizes disappointment in assisting families with estate planning. Communication and clarification are essential to the process, Aaron shares.
  • Aaron often has clients in their 40s to 50s who have taxable estates but don’t necessarily understand why they should be addressing it urgently.
  • Aaron explains how changing one’s residency affects their tax plan. One factor that largely influences a client’s decision to change residencies is the opinions of family members, he shares.
  • If you want to have a value-centered, goal-driven tax plan, you must factor in a variety of different things, including tax expense management. Jared reveals why some clients may choose proximity to their family members over saving money when it comes to changing residencies.