As a tax concierge, Suzanne DeWitt works with clients who have high-end assets, such as yachts or valuable artwork that they wish to incorporate into their wealth planning strategy. Overall, these types of assets can be integral, but that depends on carefully considering the tax implications to ensure that they are used or enjoyed in the most tax-efficient manner possible. For example, it’s important for a yacht purchaser to understand the tax consequences of owning vs. operating a yacht. Likewise, with record-breaking auction prices, fine art has now caught the attention of investors, who consider it an alternative asset class to be evaluated alongside real estate, hedge funds and other investments. However, unlike traditional investments, yachts and fine art can be incredibly illiquid and difficult to manage. They may turn into a significant tax liability if not integrated into a wealth planning strategy. Suzanne DeWitt’s niche is creating custom tax solutions designed to help you attain your financial goals; DeWittPLLC.com.
