Many people have multiple professionals, from financial advisors to lawyers to tax advisors, on their financial teams. It is the job of these professionals to ensure that you have the best financial, legal and tax advice. But often they don’t work together or know what the others are doing. Because of this lack of communication, you could miss out on an important tax deduction, or it could cause problems for your estate.
“It’s important that all the professionals involved in your financial affairs are able to work together,” said William Taylor, vice president of financial planning at Northwestern Mutual. “That ensures you’re doing things like maximizing tax efficiencies and properly planning your financial affairs.”
This open communication among financial team members is particularly crucial for those who have considerable wealth, are in the middle of drafting a will or own a business, since their financial affairs are likely to be more complex.