Does your QBI come with salted BAIT?
In this episode, John introduces to listeners about taxes, taxes, taxes, and the reduction of taxes. The reduction of taxes is the most important part of any wealth plan. You have to pay the least amount of taxes through these three phases. You need to pay the least amount of tax during the accumulation phase, where you’re growing your wealth. You need to pay the least amount of tax during the distribution phase, where you are enjoying your wealth. When you pass your wealth onto the next generation, you need to do the same thing, pay the least amount of tax.
Tax is probably the greatest disruptor of wealth that we know of. It is one of the financial pressures that we talk about. Every financial strategy that we are trying to do is designed to reduce the impact of taxation during those three phases.
Everyone is unique and has individualized wealth plans and tax is one of those stressors trying to disrupt it. Are you satisfied with your wealth plan?