The asset balance sheet to estimate your tax savings: explanations
We can quickly build up a heritage, sometimes without even really being aware of it and doing it voluntarily. The main house, an apartment for the children’s studies, various savings placed in the bank, or in shares, all this is not so exceptional.
Taking stock of it makes it possible to optimize it, to prepare for the future including retirement, but also to make tax savings with the right investments or tax exemption. The possibilities are many, you have to be aware of them. We therefore guide you in the realization of your patrimonial balance sheet for the purposes of tax savings and more.
Wealth assessment, a precise study of your situation
The wealth management advisor is the one who is best able to allow you to carry out a heritage assessment. This involves auditing your situation, both family and financial, in order to draw observations that will be used to optimize your assets. The idea of ​​a wealth report lies in the desire to save money, but not only. With a balance sheet, you will be able to give yourself the means to better manage your money, your goods, and direct you towards the realization of your life project, your personal objectives. Tax savings are useful, but are not the purpose of the maneuver. Investing in real estate, sheltering your loved ones, making donations, going around the world, these are life projects.
To be carried out effectively, the asset assessment must be based on 3 main axes.
- The financial audit: this is a study of the assets of a household. They can be made up of real estate possessions for which it is interesting to calculate the yield. This also concerns stocks and bonds, guaranteed investments and more broadly anything that can represent a high value.
- The tax audit: it allows you to study your situation in relation to taxes. The average tax rate and the marginal rate, salaried, rental and other income, many subjects are studied. The idea is to be able to optimize your taxation according to your situation.
- The estate audit: this seeks to understand the organization of your estate, its distribution and to adapt it if necessary. A calculation is made for inheritance costs, based on your assets and your life insurance.
The report is generally submitted in paper format and orally. It is with this last means that you will retain the most information from your wealth management advisor, written documents being quite technical.
Goal balance sheet, taxes and more
Your wealth report is a kind of snapshot, at a given moment, of your wealth situation. It reflects your various assets, but also relies on your household, on who makes it up. The balance sheet is not an end in itself, it is moreover likely to evolve more or less according to your investments over time. His goal will be to chart a course for you by giving you a complete picture of a situation and by drawing the paths to take to achieve your goals.
Save on your taxes
The wealth management advisor will guide you, and this is part of the goal, towards controlling your tax-related expenses. Modification of the plan, investments, donations, the solutions are diverse, specific to each according precisely to this complete overview that you have just made of your assets. It is a tax optimization work that remains completely legal, but which still offers you the possibility of limiting your taxes.
Life projects
Your tax savings, you do not do them just to prevent the Public Treasury from receiving too much from you. These savings, they have a more personal goal that you seek to achieve, we can also speak of a life project. It is the very objective of the heritage report to take an interest in your future project. Securing your loved ones, transmitting your assets, before and after death, enriching your family unit, carrying out a long-term project other than purely financial, these are private objectives. But each will require a particular path in relation to the analysis of your assets. This is why a good balance sheet is above all a very personal work, carried out using figures but which have a purpose. We go beyond the software analysis of your financial parameters.
Heritage recommendations
The last stage of the assessment is the one that is most awaited by the client, the one that will give him an overview of his situation, how to improve it and guide him in the direction he intends to give it. Moreover, depending on your intermediary, some will directly offer you financial operations to set up, such as the banks carrying out this audit. Others like wealth management advisors will only tell you what to do. You are then free to apply it as you wish. However, having a professional by your side remains a good initiative in order to best support the implementation of the suggested recommendations. You cannot do your own tax optimization, a major real estate investment or even a change of matrimonial regime without being surrounded by a specialized advisor.
The asset balance sheet is still little known, and we often imagine it reserved for the very wealthy. Of course, the higher the level of possession increases, the more coherent it seems to hire it, but it is not necessary to have a huge heritage, for all that. On the contrary, when you have a comfortable income and already a property, the reflection can be carried out. There are no small savings to be made on your taxes, and investment advice, even if, for example, your retirement seems far away, can only help you better prepare for the future.