Preserving self-made wealth: The impact of institutional tax advice

Big wealth is typically associated with the Microsofts and Facebooks of the world, but family and self-made businesses make up a larger portion of high-net-worth than most realize. About 75% of big wealth in the U.S. is generated through private, self-made businesses.

Wealthy businesses that are closely held or family-owned can dramatically benefit from institutional advice from a tax expert. Financially strong American companies should avail themselves of opportunities in the tax code by engaging a tax advisor who caters to their sophisticated needs in order to preserve their wealth. For example, a private business planning for a sale, a reorganization or a liquidity event should meet with an experienced and trusted accountant to assess dollar-saving tax planning opportunities. It is also important this planning occur well in advance.

While some tax advisors may have only a light focus on family wealth, Caroprese & Company features a broad range of services designed to preserve wealth for generations. A Caroprese tax expert understands how to minimize cash tax expense, why to start succession planning early, how to delicately yet efficiently execute the transfer of a family business and more. These services make Caroprese & Company the New Jersey tax expert to turn to for high-net-worth businesses.


Succession Planning

Turning over a family or self-made business to the next generation or a new owner is a monumental process that requires defining succession plan alternatives, obtaining industry-specific knowledge around valuation and other key issues, and, protecting the brand image and reputation associated with the company’s success.

While who will run the business next is crucial, a broader perspective is also necessary. Caroprese & Company can help a business consider what kind of leader is needed, where a business is in its lifecycle, and balance business needs with the ambitions of family members.

Having prospective successors engage in the business as early as possible will help retain the business’ brand. It may take several years to not only develop necessary industry knowledge, but also build a rapport with stakeholders, clients and suppliers who have been used to working with the current leadership.


Tax Strategy and Planning

A thorough tax strategy and plan to execute it is needed to preserve wealth. A Caroprese accountant will work side-by-side with high-net-worth clients and their counsel, ensuring all of their interests are structured tax efficiently. This, in turn, helps businesses preserve their wealth with minimal costs.

Our team of tax experts helps our clients efficiently plan and prepare for wealth transfer taxes. In addition to planning, our team ensures compliance with a dense set of tax regulations on such wealth transfers both federally and at the state level.


Family Office Services

Our professionals assist high net worth individuals with the structuring and establishment of a family office. In addition, our professionals can facilitate managing the family office by providing a full suite of services such as budgeting, cash flow management and forecasting, accounting and bookkeeping and tax compliance.


CFO Services

Wealth can be difficult and burdensome to manage without a knowledgeable and dedicated CFO. Our CFOs are proven business leaders who can help you deliver the optimal business performance and accurate, accessible data stakeholders demand.


Financial and Program Management

Inefficient finance and accounting operations are a drag on overall business performance.

We’ll help you implement state-of-the-art financial management systems so you can fuel better processes, mitigate risk and unleash your talent to focus on the value-add.

Businesses of all sizes undergo change or undertake significant projects that require the assignment of accountability to ensure success. Our project managers have experience with a variety of complex projects and help ensure project teams work efficiently towards meeting defined goals.


Contact Caroprese & Company to discuss how our tax experts can help a business sustain wealth for generations.

Share this article:

The Information contained in the Caroprese & Company (“Caroprese”) website is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, and the inherent hazards of electronic communication, there may be delays, omissions or inaccuracies in Information contained in the Caroprese website. Accordingly, the Information on the Caroprese website is provided with the understanding that the authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisors. Before making any decision or taking any action, you should consult a Caroprese professional.