Tax Strategies
in Lake Forest, IL.
Stop giving the IRS more than you have to.
Taxes are the single largest expense most retirees face, bigger than healthcare, bigger than housing. Yet most people retire without a tax strategy, leaving tens of thousands of dollars on the table over their lifetime.
At our firm, tax planning is built into every retirement plan we create. We coordinate your withdrawal strategy, Roth conversions, charitable giving, and bracket management to minimize your lifetime tax bill, legally.
What this looks like in Lake Forest.
AbbVie and other Lake Forest corporate executives who retire with concentrated stock positions and significant deferred compensation face some of the most complex tax situations we encounter. Multi-year income averaging for deferred compensation payouts, net unrealized appreciation (NUA) strategy for company stock in 401(k) plans, and the timing of Roth conversions around these lumpy income events require coordinated planning across multiple tax years, which is where our long-term relationship with Lake Forest clients pays off.
The county details.
Lake County residents benefit from the same Illinois retirement income exemptions as Cook County families. Social Security, IRA distributions, pensions, and most retirement account income are fully exempt from the 4.95% state income tax. For executives retiring from Lake County's major employers with deferred compensation payouts that push income to peak levels in the final working year, the year of retirement can be the highest-income year of their lives. Pre-retirement Roth conversions, charitable giving to a donor-advised fund, and careful deferred comp election timing can all reduce the tax impact of that peak-income year significantly.
Why Lake Forest.
Lake Forest families often have complex financial situations involving business ownership, stock options, multiple properties, and multi-generational wealth transfer. Our estate planning and tax strategy expertise is especially relevant here.
Things Lake Forest families ask.
Down the shore.
Talk to a Lake Forest
advisor.
One free conversation about tax strategies, at your kitchen table, our Evanston office, or a video call.