Why Your Financial Professionals Should Work Together

Why Your Financial Professionals Should Work Together


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Why Your Financial Professionals Should Work Together
By:
02 Dec 2016
Business

At the top, there is a top-notch investment adviser—someone who does more than just transactions, who understands income planning and how taxes can impact your money long-term.

At the bottom left is a trusted accountant who not only does tax preparation, but also is truly knowledgeable about tax planning. There is a difference. While tax preparation happens once a year during tax time, tax planning happens year round. Typically things happen throughout the year that will affect the amount you have to pay in taxes come April. The goal is to reduce the amount of taxes paid by making deliberate choices throughout the year.

And at the bottom right, there's an attorney who can make sure your legal house is in order and you have the proper will or trust in place. Proper estate planning is critical, even though we find it rarely makes it to the top of anyone's to-do list.

There are those who shut down as soon as you use the term "estate." They say, "I don't have an estate; Bill Gates has an estate." In reality, everyone has an estate; they are just different sizes. Who's responsible for yours? You are.

All the corners of the financial triangle should connect to form a strong team. Even if you are working with each of these professionals, they may not be actively communicating with one another. When this is the case, the right hand doesn't know what the left hand is doing, and that can be to your detriment.


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Rahul Raj

Rahul Raj

This lazy StoryTeller forgot to write something about itself.


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