Top tax planners in 2017 New York cater to high net worth clients who need sophisticated strategies aligned with volatile markets and evolving regulations. These professionals help ultra high net worth individuals coordinate investment, estate, and liquidity choices while optimizing tax efficiency at both the personal and business level.
For families and executives managing concentrated stock, passive real estate, and global income streams, engaging advisors who understand New York specific nuances is essential. The right planner balances aggressive wealth preservation with disciplined execution and clear communication.
| Planner / Firm | Primary Focus | Typical Minimum Assets | Notable 2017 Capabilities |
|---|---|---|---|
| Mastercard Advisors Private Wealth | Integrated tax, trust, and investment | $500 million+ | Cross border tax structuring for global portfolios |
| City National Rochdale | Family office style service | $100 million+ | Concentured stock solutions and philanthropy |
| Carnelian Capital Management | Tax efficient equity strategies | $50 million+ | ETF wrapper structures and loss harvesting |
| J.P. Morgan Private Bank | Credit, liquidity, and tax | $100 million+ | Deferred compensation and entity level planning |
Strategic Tax Planning For High Net Worth New York
In 2017, New York high net worth households faced increasing state and local tax pressure alongside federal reform uncertainty. Strategic tax planning focused on timing income, maximizing deductions, and aligning with long term transfer goals. Advisors built roadmaps that addressed New York specific residency rules while coordinating with attorneys and CPAs.
Advanced Entity And Trust Structures
Complex families used advanced structures to separate business and investment activities from personal tax exposure. Limited liability companies, S corporations, and intentionally defective grantor trusts were common tools. The objective was to contain New York state tax on passive income while preserving flexibility for future beneficiaries.
Compensation And Deferred Compensation Design
Executive and professional clients emphasized non qualified deferred compensation and incentive plan integration. In a lower federal rate environment anticipated at the time, many weighed New York no fault divorce exposure against timing of benefit receipt. Effective plans balanced creditor protection, liquidity needs, and family governance.
Philanthropy And Exit Planning
High net worth clients integrated charitable giving with business exit and estate strategies. Donor advised funds, private foundations, and charitable lead trusts allowed accelerated deductions while supporting multi generation goals. Coordinating these moves with tax return filing and estimated payment rules reduced year end surprises.
Key Takeaways For High Net Worth Tax Planning
- Map income and deductions across federal and New York returns to identify optimal timing.
- Use entity and trust structures to isolate passive income and protect beneficiaries.
- Align compensation, equity exercises, and liquidity events with residency rules.
- Coordinate philanthropy with exit planning to maximize deduction value.
- Integrate legal, tax, and investment teams for unified documentation and execution.
FAQ
Reader questions
How do New York residency rules impact my tax planning in 2017?
Residency and domicile rules determine whether New York taxes worldwide income. Planners help document time outside the state, allocate expenses, and structure transactions to minimize exposure while remaining compliant.
What are the risks of holding concentrated stock in New York?
Concentrated positions can create large alternative minimum tax and payroll tax exposure, especially around sales. Advisors design stock sale and option exercises to align with New York filing status and to use capital gains rate planning where possible.
Which deferred compensation options work best for New York executives in 2017?
Non qualified deferred compensation plans, supplemental executive retirement plans, and taxable account wrappers are common. The choice depends on creditor risk, liquidity, New York no fault exposure, and anticipated federal and state rate changes.
How can philanthropy reduce my tax burden in New York?
Donor advised funds and charitable trusts generate current deductions against high income while supporting causes. When layered with estate level strategies, these tools reduce overall transfer taxes and streamline administration across family entities.