Get your Lawyer to talk to your Accountant
When you go and see your Lawyer to get their assistance with a financial matter always insist that your lawyer picks up the phone and checks it off with your Accountant from a financial, accounting and tax perspective.
Often Accountants have to try and fix up a mess after a financial transaction has been made and often that mess could have been avoided if there had been a quick communication between your Lawyer and your Accountant.
And sometimes the mess can’t be fixed or it may take years before the mess can be unravelled.
A good example concerns the real estate brightline test which is catching out many situations that people aren’t aware of.
There are some really heartbreaking stories coming to light currently that are as a result of lawyers and accountants not communicating together and people are ending up with huge tax bills that could have been avoided if some thought had been put in before transactions were signed and sealed.
Lawyers are experts at what they do and we couldn’t do without them but if you can get your Lawyer to phone up your humble old bean counter to check off the accounting and tax implications then you know you’ve got a great lawyer on your team.