Vincent Virga discusses tax planning for long-term legacy

Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-vincent-virga-founder-of-pfs-wealth-management-group-discussing-tax-planning-for-long-term-legacy/

In this episode of Influential Entrepreneurs, host Mike Saunders welcomes back Vincent Virga, Founder and Investment Adviser Representative of PFS Wealth Management Group. They delve into the crucial topic of tax planning for long-term legacy, emphasizing the importance of looking beyond immediate financial concerns. Vincent shares insights on how individuals often focus on short-term tax implications rather than considering the broader, long-term impact of taxes on their wealth. He highlights that tax planning is frequently overlooked in wealth management, despite its significant role in determining the net amount individuals can retain from their investments.

Tax planning is often approached with a narrow focus, primarily centered on annual tax returns and immediate financial obligations. However, as discussed in the podcast episode with Vincent Virga, a more effective strategy involves considering the long-term implications of tax decisions on wealth transfer and legacy planning.

Vincent emphasizes that many individuals tend to view taxes from a micro perspective, asking questions like, “What do I owe this year?” This short-sighted approach can lead to significant oversights in long-term financial planning. Instead, adopting a macro perspective is essential. By understanding how taxes will impact their financial lives over the long term, individuals can make more informed decisions that align with their legacy goals.

A critical point made in the episode is that taxes are often one of the most overlooked aspects of long-term wealth planning. While investment performance is crucial, it is equally important to recognize how taxes can significantly affect the net amount individuals can pass on to their heirs or charitable causes. By incorporating tax awareness into the planning process, clients can better manage when and how income is realized, ultimately enhancing their financial legacy.

Vincent shares a compelling example of a hypothetical client who faced a significant loss due to short-term tax considerations. The client held onto a successful investment to avoid immediate tax implications. However, this decision led to a drastic drop in the investment’s value, highlighting the importance of evaluating tax strategies within the broader context of long-term financial health. This scenario illustrates that focusing solely on annual tax returns can lead to detrimental outcomes.

The S.M.A.R.T. Approach

To facilitate a long-term perspective on tax planning, Vincent introduces the S.M.A.R.T. approach, which stands for:

• Simplicity: Understanding and identifying appropriate strategies, such as Roth conversions or charitable distributions.

• Measurability: Assessing the impact of tax strategies over time to ensure they align with long-term goals.

• Accountability: Regular discussions between advisors and clients to adapt to any changes that may affect tax planning.

• Realistic Results: Ensuring that strategies are tied to current life circumstances.

• Teamwork: Collaborating with specialists to provide comprehensive tax planning.

This structured approach allows clients to think proactively about taxes rather than reacting to unexpected liabilities, ultimately supporting their long-term legacy goals.

Another significant aspect of long-term tax planning discussed in the episode is charitable giving. Vincent points out that many individuals are unaware of the potential tax benefits associated with charitable contributions. By strategically incorporating charitable giving into their financial plans, clients can create a more tax-efficient legacy while supporting causes they care about.

Vincent shared: “In a world where anything is possible, make everything possible, and always be outstanding.”

Video Link: https://www.youtube.com/embed/_gFMBngtEog

About Vincent Virga

Vincent has more than 35 years of experience in the financial services industry, growing and developing close relationships with mentors in all areas of financial management, financial planning, tax-efficient strategies, and market alternative investment concepts. Having worked with these individuals in wealth management and asset protection strategies, Vincent has been better able to serve his clients’ needs in a world that demands unconventional approaches to building long-term financial security.

The published author of “The S.M.A.R.T. Approach: A 5 Step Process to Life, Leadership and Investing,” Vincent, also hosted a weekly radio show, “The S.M.A.R.T. Approach to Retirement,” on 970AM The Answer in New York. He lectures extensively about non-conventional wealth accumulation and preservation approaches to other financial advisory professionals and the public through his energetic and entertaining informational workshops.

Learn more: http://www.pfswealthgroup.com/

Recent News and Interviews:

• Vincent Virga discussed Fee and Risk-Efficient Investment Planning: https://authoritypresswire.com/vincent-virga-founder-investment-adviser-representative-of-pfs-wealth-management-group-interviewed-on-podcast-discussing-fee-and-risk-efficient-investment-planning/

Insurance products are offered through the insurance business PFS Wealth Management Group. PFS Wealth Management Group is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. AEWM does not offer insurance products. The insurance products offered by PFS Wealth Management Group are not subject to Investment Advisor requirements. Investing involves risk, including the potential loss of principal. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. This radio show is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. PFS Wealth Management Group is not permitted to offer and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by PFS Wealth Management Group. A PR firm was paid to assist with media placement. 03180008 – 07/25

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