Tax Planning at Macro Lens – Minimizing Taxes for Your Retirement

Tax Planning at Macro lens Minimizing taxes for your retirement. Join Attorney Chris Berry as he talks about minimizing taxes for your retirement in this episode of Daily Wisdom. Learn to look at your taxes thru a macro lens instead of a micro lens.

Estate Attorney and Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1pm. Register via thisĀ linkĀ or give our office a call at 844-885-4200.

Castle Wealth Group and Christopher Berry help families with estate planning, elder law, retirement planning, and tax planning from their offices in Brighton, Ann Arbor, Livonia, Bloomfield Hills, and Novi.

Castle Wealth Group helps families with their legal, financial, and tax planning for their retirement and legacy.

With the use of legal structures like revocable living trusts, Castle Trusts (asset protection trusts), Chris Berry and Castle Wealth Group can help your family plan, protect, and preserve what is important through their Retirement and Legacy Blueprint Process.


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Episode Transcript

Tax Planning

This is what we just call tax planning. We’ve been doing quite a bit of this for our clients.

Really what we need to understand is, look at taxes through a microlens versus a macro lens. A lot of people are just focused on minimizing taxes in one specific year. That’s what a lot of CPAs, that’s what a lot of tax preparers do. How can I just minimize taxes this year? Well, what you need to do, because of the Tax Cuts and Jobs Act that runs from 2018 to 2025, is looking at minimizing taxes, not just in one specific year, but we need to look through the macro lens of minimizing taxes over your retirement, so the rest of your life and what you leave to the next generation. Because again, we’ve had the secure act that says they’re going to come after those pre-tax accounts for those beneficiaries.


Paying Taxes Sooner Than Later

With the secure act, they’re coming after those IRAs for beneficiaries. Plus, with the tax cuts and jobs act that runs from now to 202, taxes are on sale for you. For a lot of clients, what we’re doing is we’re actually paying the taxes sooner rather than later. I can run a tax planning report to show you the value of this. Where depending on your situation, if we put together a plan to minimize taxes over the next, say, five years, depending if it’s, say, a 500 or a $1 million IRA, I can, over that period of time, show you how we can pay hundreds of thousands of dollars of less taxes. Because again, taxes are going up in the future. Right now, if you’re at the 22% tax bracket in 2025, it’s jumping up to 25, if not sooner.


Lessen Taxes On RMDs

The question, is there a way to lessen taxes on RMDs? Not in a particular specific year, but I can minimize those taxes over your lifetime. I guess, to be honest, yes, I could minimize taxes RMDs in a specific year. We could look at things like qualified charitable distributions. But really, I would first figure out what are your overall goals, and then we’d help you with the strategies and then develop the tools because it might be a situation where, you know what, we take those RMDs, take more than those RMDs because taxes are on sale right now. It would be great. Let’s set up a quick little phone cal. You can go to, and we can talk more about your specific situation on how we can minimize taxes.



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