Collaborating with your attorney and tax professional

It is usually a good idea to combine different perspectives when you are trying to come up with a  solution for most problems in life. When it comes to your personal finance this can be  particularly important. Financial planning is more than just allocating capital. There are many  legal and tax implications as well. It is important to collaborate closely with your attorney and  your accountant when developing a customized financial plan that is right for you.  

Estate planning documents 

One of the most common and important ways we collaborate regularly with attorneys and  accountants is through the creation of your various estate planning documents. It is essential  that the legal language is formulated correctly in order to avoid unforeseen legal pitfalls that can  potentially keep your beneficiaries from receiving your assets. Of course, your accountant will  have the up-to-date knowledge of the tax law to ensure you minimize tax liabilities on your  estate and heirs. 

Choosing the best legal structures for you 

No matter what type of personal finance or business situation you are facing it is important to  select the best legal framework for whatever it is you are trying to accomplish. For example, if  you are looking to form a business entity, you will need to choose what type of entity to create.  We can connect with your lawyer to make sure that this decision is legally sound as well as  financially smart for you. Your accountant may be able to provide insight into the tax  implications of this decision. 

When it comes to estate planning decisions regarding legal structures, there are legal and tax  implications that should be taken into consideration as well. Whether or not to choose an estate  plan based upon a will or a trust may largely be determined by legal as well as tax liability considerations. Therefore, it is important for us to speak to your attorney and your accountant  on this matter. 

Of course, these are just two instances where legal insight and tax knowledge can enhance  your financial planning. 

Withdrawals from investment accounts 

The timing of when you withdraw funds from investment accounts can have tax implications  which makes it a good idea that we consult with your accountant to ensure we make the best  decision for your situation.  

Charitable giving plans

People give to charities and nonprofits because they want to help other people and society.  However, there are also tax advantages that you can enjoy from charitable giving. Talking with  your accountant can ensure that we maximize these tax advantages in a strategic manner that  works well with your comprehensive financial plan. 

Collaborating on a strategic financial plan 

Many financial advisors do not charge any extra fees for connecting and collaborating with your  attorney, accountant, or any other relevant professional that you have a relationship with. We do  this to ensure that we are looking at your finances from every angle possible. This allows us to  develop a financial plan that is highly customized to your individual needs and financial goals.  

Any opinions are those of the author and not necessarily those of RJFS or Raymond James. The  information contained in this report does not purport to be a complete description of the securities,  markets, or developments referred to in this material. Any information is not a complete summary or  statement of all available data necessary for making an investment decision and does not constitute a  recommendation. Raymond James and its advisors do not offer tax or legal advice. You should discuss  any tax or legal matters with the appropriate professional.