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Matt has noticed that clients who have roughly the same levels of professional and financial success often have different effective tax rates. This is due to the ways they allocate time and focus across their businesses.
In recent years, the tax depreciation rules in real estate have been very liberal. “[To step-up in basis] is a great estate planning tool for multigenerational wealth,” Matt says. Jared comments on the benefits of planning ahead.
Jared asks Matt how he has helped his clients gain clarity despite the current ambiguity surrounding tax laws. With tax planning strategy, there is often no right or wrong answer, Matt replies. It’s about laying out the options and providing insights on those options.
Identifying why money matters, and where and why you want it to show up allows you to put together a sustainable plan for the future that is adjustable when change occurs. According to Matt, “[this strategy] allows us to stimulate potential changes and weigh the pros and cons of various decisions, which takes us from something intangible to tangibility.” Additionally, the visualization of the plan and the alternatives creates clarity among clients.
Matt shares one of his most memorable mistakes and how it taught him the value of humility.