Tax is a major factor that affects a financial plan. Often a financial planner is not also a tax specialist and does not have a tax specialist available in the planning firm. If that is the case, we can review the client's situation and the proposed financial plan to identify and suggest solutions for tax issues.
Our review is probably best done interactively in the context of a joint meeting with the planner and the client so that all appropriate information is identified and all significant issues raised.
Legal Issues and Implementation
If the planner is also a tax specialist or has an in house tax specialist, we can assist the planner in terms of advice re legal issues, and by implementing or supervising the implementation of the legal aspects of the plan.
For example, the financial plan may involve life insurance in relation to a Shareholder Buy-sell Agreement or a Retirement Compensation Arrangement. In such areas the planner may prefer that the lawyer implementing the plan be familiar with the relevant tax issues and the ways they can be dealt with in legal documents.
In order to provide a broader range of services to clients, a financial planner may wish to contact us to become more familiar with the range of transactional services we can potentially provide to those clients, the situations in which such transactions may be appropriate, and the probable costs of those transactions.