What Tax Advisors Don't Know Can Hurt You

None of us knows it all. No matter how smart you are, your knowledge is limited.

Columns From: 3/5/2005 Modern Machine Shop,

None of us knows it all. No matter how smart you are, your knowledge is limited. The trick is to acknowledge what you don't know and be able to find a person with the expertise you lack.

This truth applies to every field where knowledge is the bedrock of the job description. When it comes to the profession of estate planning—wealth transfer, business succession and related areas—this truth, combined with the culture of the profession, makes for dangerous bedfellows. Why? Well, professionals in the estate planning field—CPAs, lawyers or others—don't share clients. The result is that you are held a financial captive based on the limited knowledge of your chosen advisor.

To illustrate this concept, let's select an advisor. We'll pick the smartest estate planning lawyer (let's call him Ben) in your county at the biggest and best law firm in the state. There are many wonderful lawyers in this country who do their best to help their clients. But Ben is human, and your estate plan is limited to his knowledge and the knowledge contained within his law firm. One thing is certain: Ben will not share you with another law office.

Why is this knowledge/culture aspect so important? Our office works on more than 100 estate plans every year. About half of these are second opinions on estate plans completed by the “best law firm in town.” Every law firm we have ever worked with or whose work we have reviewed for a second opinion has the same target: to reduce the client's estate tax.

Our target is to pass all of your wealth to your family—intact. For example, if you are worth $8 million (substitute your own numbers), your estate tax liability is about $3 million. Sorry, but when you get hit by the final bus, you are only worth $5 million (after the IRS takes $3 million of your hard-earned dollars).

But, you don't have to put up with such lousy results. If your estate plan is done properly, the entire $8 million will go to your family, with all taxes, if any, paid in full. You will not lose one cent of that $3 million to the IRS.

We have developed a system that is designed to get all your wealth—including your business—to your family. For as long as you are alive, you can have absolute control of all your assets—including your business. Simply put: Eliminate your estate tax burden and keep control for life.

Whether you are young or old, single or married, insurable or uninsurable, we can do it every time.

How do we do it? One thing is for sure: We are not the smartest people in the world, but we have learned that no single expert can get the job done alone. Instead, we are part of a national network of experts—lawyers, CPAs, insurance consultants and business appraisers—with the many facets (tax law, planning, documentation, tax-free environments and so on) required to do estate planning, wealth transfer and related disciplines. Best of all, we rarely do research because an expert who knows the right answer based on years of practical experience is just a phone call phone call away.

Experience has proven that the more the readers of this column learn, the more likely they are to win the tax game. We (your author and his network of experts) want to learn more about you (our readers).

So, here's the deal. Go to my Web site, www.taxsecretsofthewealthy.com. There's plenty of tax-saving stuff to learn about (estate planning, wealth transfer, business succession and related areas). Tell your own professional advisors to take a look.

While you're on the home page of the Web site, click on “Do you have a burning problem or question?” This will provide you with a short form to complete. Just let it all hang out: your problems, questions and concerns. We'll respond quickly via phone or e-mail. If other readers are in similar situations, your situation (but not your name) will appear in this column.

To find out how to hold on to your wealth, visit www.taxsecretsofthewealthy.com and enjoy.

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