Should my wife and I speak with a certified financial planner (CFP) or a tax attorney to get ideas on how to make our portfolio tax efficient?
My wife and I are both 61 years old and we both have healthy retirement portfolios. Before required minimum distributions (RMD)s begin, we would like to get ideas on how to make our portfolio tax efficient, such as information on investment moves we should consider and estate planning. Should we speak with a certified financial planner (CFP) or a tax attorney?
Being a CFP myself, I'm probably a little biased. But CFP's have experience giving advice on tax planning and estate issues and how they might affect all areas of your financial life and goals. The holistic perspective is key to maximizing your financial decisions.
If you're in the market of working with a CFP, visit NAPFA.org, it has a directory to help you find the right planner for you.
Best of luck,
I'd recommend a CPA/PFS.The PFS (Personal Financial Specialist) credential is a financial planning specialization for CPAs. So, you get a tax, investment and estate planning expert. You can find a CPA/PFS at https://www.aicpa.org/forthepublic/financial-planning-resources.html or simply email firstname.lastname@example.org
Talking to a fee only RIA, registered investment advisory would be most helpful. Your financial plan will carry all of the cost basis information and your income level will help decide which area would be most tax efficient.
Best of luck!
Short answer is yes. I think your best bet is a Certified Financial Planner to be honest. They typically are pretty well balanced in understanding tax strategies and how to apply them practically within your investments. Not to say you shouldn't bring in an Estate Planning attorney at some point as well, although a really good CFP should be able to work closely with your (or their estate attorneys) to carefully craft a well thought out tax strategy for you. Remember with the new estate tax laws in place A. the threshold for Federal Estate Tax is $11,000,000 per person and there are certainly some interesting tax strategies that are now available that weren't as relevant last year. Either way I encourage outside counsel and happy to answer any other questions you might have.
A Certified Financial Planner will probably be more helpful in designing a tax-efficient portfolio. I think of a tax attorney as more of a resource designing tax-efficient ways to pass assets of a large estate onto the next generation. Tax attorney's don't really focus on specific investment recommendations in my experience.