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.