‘In academia, there is no difference between academia and the real world; in the real world, there is’, as Yogi Berra said
Same can be true of planning for your longer-term family legacy planning goals
The problem often is that the tax action required to resolve the issue in front of us is only one part. Some planners just think about actions, and not interactions, but that’s where the magic happens
Maybe that’s because the planner’s not capable of thinking of second and subsequent steps. More worryingly, sometimes it’s just not obvious that they’re aware of them
Worse, it seems some tax planners prefer to operate in a single dimension, but you can’t do the best job for the client on a ‘cause-and-effect’ basis
In the real world, very few tax-based problems are single dimensional. Almost invariably, the complete solution is multi-dimensional and drawn from across the professions
Sometimes there’s a temptation to make reporting more complicated than necessary. Tax professionals like complicated solutions. Oftentimes, reports look like they might have been written to impress other professionals, or to frame ‘house solutions’ to real-world client problems
Once ‘in-house solutions’ are in place, they seem to stay in place, however absurd
Worse still, once a complicated solution has been presented, it’s often difficult for clients to appreciate that the same outcome can be achieved with a simple, tried and tested alternative
There’s a disarming simplicity to things done properly, first time…
Perfect legacy planning is ‘in harmony with all that is, all that was, and all that ever will be’ to misquote Bagger Vance
Want to aim for that outcome for your family?
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All tax advice is provided, in writing, by a Chartered Tax Advisor
Toodles
