Paul Wallace, CPA, CFP®, has been working with high net worth families, business owners and nonprofits for 36+ years. Clients know Paul as an advisor who they can count on to find solutions that save them money and add security to their financial future.
You Might not know
Paul played the bass guitar and performed with local bands to make money in college.
Paul Wallace, CPA, CFP®, provides integrated income tax, estate tax, investment management, charitable giving and personal financial planning services to high net worth individuals, families and their closely held businesses.
Clients know Paul as an advisor who anticipates their needs and concerns, and offers solutions that save money and add security to their short and long-term financial situation. For example, Paul advises a high net worth family who was about to take its company public. Paul developed a strategy for contributing family-owned stock to a grantor retained annuity trust (GRAT) before the company went public, and before family members knew they should take any action with the stock. This strategy transferred wealth to the family’s next generation and without the cost of a transfer tax.
Paul serves clients in the real estate, construction and distribution industries, as well as nonprofit organizations. He helps nonprofit organizations and private foundations with financial statement and tax return compliance, budgeting, planned giving, tax-exempt financing matters, minimizing unrelated business income tax (UBIT) and management consulting.
In addition to helping his clients save money, Paul has earned a reputation for looking out for nonprofits and helping fellow professionals. For many years, Paul was an associate professor at Anne Arundel Community College, where he instructed professionals preparing for the CFP® exam.
In addition to being a CPA, he is a CERTIFIED FINANCIAL PLANNER™ professional. Paul has provided expert witness testimony with respect to both income taxation and financial planning matters.
Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
More Fun Facts
With so many of my high net worth clients being philanthropically inclined, there’s nothing I like better than a good tax savings strategy that ties into their charitable activities. Typically, charitable contributions will result in a reduction of your net worth and usually involve giving up control over the contributed property. If only there was a way to make contributions without giving up immediate control AND still generate immediate tax benefits! Well, here are three ideas that can do just that.
Even though a private foundation is required to make annual distributions (usually 5% of its net asset base) in support of its mission, the vast majority of its assets must remain invested and is not otherwise available to provide support for its causes.
Many nonprofit organizations have a vested interest in political issues and their outcomes. But it’s important that nonprofit organizations, boards and leaders clearly understand how their campaign-related activities could attract unwelcome IRS scrutiny.