Hook Law Now Offers Tax Planning, Not Just Tax Preparation

Summary: Hook Law now offers proactive tax planning in addition to the tax return preparation we already provide for individuals, estates, trusts, and businesses. Led by Trey Harris, CPA, our expanded tax practice gives clients an opportunity to consider tax consequences before important financial decisions are final.

For years, Hook Law has prepared tax returns for clients and for the estates and trusts we administer. That work continues.

What’s new is the opportunity to work with us before the year is over and before important financial decisions have already been made.

Hook Law now offers tax planning as a separate service, giving clients more time to evaluate how retirement withdrawals, Roth conversions, trust distributions, gifts, business decisions, and other transactions may affect their broader financial and estate plans.

What’s New at Hook Law?

Tax preparation looks backward. It records what happened during the year and reports those events on the appropriate returns.

Tax planning happens earlier, while decisions may still be open.

By the time a tax return is prepared, a withdrawal may already have been taken, an asset sold, or a distribution made. Planning creates an opportunity to consider the tax consequences before taking action.

What Can Tax Planning Help With?

A planning engagement is based on your own finances, goals, and circumstances. The issues worth reviewing depend on the decisions ahead.

Retirement Tax Planning and Roth Conversions

The timing of withdrawals from traditional retirement accounts, Roth accounts, and taxable investments can affect taxable income, Social Security taxation, capital gains, and Medicare premiums.

Planning can also help determine whether a Roth conversion makes sense and, if so, how much to convert in a particular year.

For another example of how changing tax rules may affect retirement decisions, read Hook Law’s article on the new tax deduction for seniors.

Trusts, Gifts, and Estate Decisions

Tax planning may also involve trust or estate distributions, lifetime gifts, use of the federal estate and gift tax exemption, and the income-tax basis heirs may eventually receive.

These decisions often overlap with an existing estate plan, which makes timing and coordination especially important.

Business Tax Planning

Business owners may have additional decisions involving entity structure, owner compensation, distributions, and how a business interest fits into a broader estate plan.

Hook Law now also prepares partnership, S corporation, and corporate tax returns in addition to the individual, fiduciary, estate, and gift returns the firm already handles.

How Do Hook Law’s Tax Planning Services Work?

Tax planning and tax return preparation are separate services.

You can work with Hook Law on proactive planning without moving your existing tax preparation relationship to the firm.

You Can Keep Your Existing CPA or Advisor

Clients who already work with a CPA, tax preparer, or financial advisor can continue those relationships.

Hook Law can coordinate with existing professionals when appropriate so tax decisions remain aligned with estate planning and other legal considerations.

Who Handles the Tax Planning Work?

Tax planning engagements are handled by Trey Harris, CPA, Hook Law’s Head of Tax.

He oversees planning and compliance for individual, trust, estate, and business clients and works alongside Hook Law’s attorneys and estate administration team. That coordination can be particularly useful when a tax decision also affects an estate plan, trust, inheritance, or business interest.

Why Does Planning Ahead Matter?

Some tax decisions become difficult or impossible to change after a transaction occurs or the calendar year ends.

Reviewing those choices earlier can create more room to understand the tradeoffs before acting. That may be especially useful before a major retirement distribution, Roth conversion, significant gift, asset sale, trust distribution, or business decision.

Key Takeaways

• Hook Law now offers proactive tax planning in addition to tax return preparation.
• Planning focuses on decisions that may still be changed before they become final.
• Tax planning may include retirement income, Roth conversions, trusts, gifting, estate matters, and business decisions.
• Trey Harris, CPA, leads Hook Law’s tax planning and compliance work.
• Clients can keep their existing CPA, tax preparer, or financial advisor while using Hook Law for planning.
• Hook Law now also prepares partnership, S corporation, and corporate tax returns.

Frequently Asked Questions

Do I Have to Use Hook Law for Tax Preparation to Use Tax Planning Services?

No. Tax planning and return preparation are separate services. You can continue using your existing tax preparer while working with Hook Law on proactive planning.

When Should I Start Tax Planning?

Planning is generally most useful before a significant financial transaction or before year-end, while there is still time to evaluate different options.

Is Tax Planning Only for Retirees?

No. Retirement decisions are one common area, but tax planning may also involve trusts, estates, gifts, business ownership, investments, or other financial decisions.

Can Hook Law Work With My Existing Financial Advisor?

Yes. When appropriate, Hook Law can coordinate with an existing CPA, tax professional, or financial advisor so tax considerations fit with the rest of your planning.

A New Way to Plan Ahead With Hook Law

Tax preparation remains an important part of Hook Law’s tax practice. Clients now also have the option to address tax questions earlier, while there may still be choices to consider.

With proactive tax planning now available, Hook Law can help clients evaluate tax consequences alongside retirement, estate planning, trusts, business interests, and other financial decisions.

Contact Hook Law to learn more about the firm’s tax planning services or to discuss whether a planning engagement fits your situation.