LYNDHURST, N.J., Oct. 11, 2012 /PRNewswire/ -- Scarinci Hollenbeck tax attorneys Frank Brunetti and James McDonough have analyzed Presidential candidate Mitt Romney's tax returns and have created a video and article discussing how anyone can use the same advanced tax strategies for their own personal wealth preservation.
Taxes are a popular topic among Americans today, and understanding the complicated U.S. Tax Code and tactics relied upon by the affluent to lower their tax liability has garnered a great deal of attention lately. The personal taxes of Mitt Romney, in particular, have sparked a lot of interest, with a particular curiosity surrounding the legal methods he uses to safeguard his money. Political affiliation and American sentiments aside, understanding the ways in which wealthy individuals meet their tax burden and adopt time-tested strategies to preserve their wealth is an important topic of discussion.
"Our tax attorneys Frank and James have done an excellent job answering Americans' most pressing questions about Mitt Romney's tax strategies and similar courses of action used by other wealthy individuals of means," said Scarinci Hollenbeck Managing Partner Donald Scarinci. "Our firm is devoted to helping clients understand and implement similar legal tools to manage their wealth while meeting their federal tax obligations."
Income tax records released by Governor and Mrs. Romney detail a highly proficient use of trusts to transfer wealth amounting to roughly $100 million to the next generation. As an example, Scarinci Hollenbeck's analysis reveals that the Romneys' use of the dynasty trust to avoid estate and generation-skipping taxes is a thoroughly effective strategy that some high-net worth individuals fail to implement, resulting in lost investment and growth opportunities. A common inclination to retain control over wealth, rather than relying upon trusts to grow investments, is cited as an obstacle some affluent households face to generating more wealth and avoiding higher estate taxes. The analysis also explores Governor Romney's use of varied investments, retirement accounts and assorted trust agreements to further detail the ways in which taxes are reduced, wealth and investments appreciate, and estates remain intact.
Upcoming changes to several areas of federal tax law make understanding the complexities of the tax code system more pivotal. Scarinci Hollenbeck's Tax, Trust and Estate Law practice enables clients to take advantage of the firm's sophisticated knowledge of this subject and put themselves in a stronger position to accomplish their unique objectives.
About Scarinci Hollenbeck
Scarinci Hollenbeck (www.scarincihollenbeck.com; @S_H_Law) is a New Jersey/New York Metropolitan area business law firm that serves a diverse group of business and commercial clients in numerous industries. The full-service, general practice law firm retains a highly trained legal team with expertise in several areas, including Corporate Transactions and Business Law, Bankruptcy and Creditor's Rights, Environmental and Land Use Law, Litigation, Public Law, Commercial Real Estate, Sports and Entertainment Law, and Tax, Trust and Estate Law. Top-tier personnel, innovative technology and superior client service add to Scarinci Hollenbeck's reputation as one of the most highly ranked law firms in the New Jersey/New York Metropolitan area.
Contact: Peter Moeller
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SOURCE Scarinci Hollenbeck