When Should I Call my Legal and Tax Advisors?

Brittany Oates, Estate Planning Attorney

At Centara Legal Group, we often receive calls from clients where they begin by saying, “I didn’t want to bother you with this, but I have a quick question.”  Or they say “I don’t know if this is important, but …” Of all the work that we perform for clients, we like answering these calls best.

When a client calls with a question about an asset they want to sell, or a gift they want to make, they are allowing us to do what we do best, help them plan their estate.  The best time to call is BEFORE you sell an asset, make a gift or make other significant financial or legal decisions.  The best time to get advice is as soon as you want a change, or as soon as a change occurs.  This allows us the flexibility to help you meet your estate planning goals, before finding out that your hands are tied.  We truly enjoy creating innovative solutions to help clients achieve their financial goals and ensure their wishes are met for generations to come.  Too often, clients wait to call until it is too late.  After all, you wouldn’t first consult a map only upon arriving at the wrong destination.  Cleaning up legal problems is no fun for attorneys or clients.

Tax law can have complex rules even for simple transactions.  Small mistakes can cost the client big, particularly where real estate is involved.  Do you know how your transaction will affect your income tax, property tax and estate/gift tax?  

You should call your legal or tax advisor BEFORE you do any of the following:

  1. Sell real estate or appreciated property;
  2. Mortgage real estate;
  3. Change title to real estate in any way;
  4. Give a gift of $12,000 or more;
  5. Make a loan to a friend or family member;
  6. Add or remove a name from an account; or
  7. Make any other substantial financial change.

Further, you should call as soon as any of the following occurs:

  1. A death in the family;
  2. Incapacity of a family member;
  3. Marriage or divorce;
  4. An inheritance;
  5. A substantial loss; or
  6. A desired change to estate documents.

© Centara Legal Group, APC, 2007. All rights reserved.

Centara Legal Group, APC
8880 Rio San Diego Drive, Suite 450
San Diego, CA 92108
(619) 400-1900
www.centaralegal.com
info@centaralegal.com