“It is Never too Early for Tax Planning”
I am in the process of some tax planning and need your assistance again. As you know I own three investment properties, there is very little debt on them. In my conversation with our accountant, we want to do the following. We want to refinance our residence and payoff the small mortgages we have on the investment properties and once completed, convey them to an LLC that will be in the name of my wife and our three children. The accountant explained the tax consequences, but we want to do this sooner rather than later.
If you recall you did the mortgage for us when we bought our primary residence, we estimate the value at around 800K, the current balance is 220K and we will need about 300K to pay off the investment properties.
If you can email a list of what we need to bring with us and when we can get together. We’ll make the trip down to see you as soon as you can squeeze us in.
Best wishes for the new year!
When I get together with these clients, I will review their tax planning and possibly discuss it with their accountant as well. I want to make sure that as we go through the process, we are accomplishing financial and personal goals with the least amount of tax consequences.