Tax Planning and Compliance
UFAC assists its clients in planning to minimize the impositions of various tax burdens by taxing authorities. The firm also helps clients in compliance matters by accurately preparing tax returns. However, a fundamental principle of the firm is that tax reduction is achieved through comprehensive planning before the fact and not at the point of return preparation.
In this regard, the firm will generally prepare detailed projections of its clients’ tax positions over a year or longer, as required. Each item of the projection is then scrutinized to identify potential areas that may serve to mitigate taxes. Other tax planning techniques can also be readily demonstrated in the context of projection review.
The firm will assist its clients in developing and implementing an effective and efficient estate plan. The benefits and functioning of the use of trusts within the plan is explained and demonstrated. This may involve the analysis of personal and charitable gifting techniques. Further, the principal of the firm, as a licensed attorney in the state of Illinois, may work with clients in implementing various estate plans. UFAC may also collaborate with other attorneys of its clients in implementing or administrating specific aspects of more complex estate plans. Lastly,the firm may work with its clients in administering trusts and estates.