Monday, April 23, 2007

How to Know What to Share and With Whom

It goes without saying that one should not divulge personal information to strangers. With all of the identity theft going on in this crazy world, one can't be too careful.

However, there are times when sharing the information necessary to help yourself, your company or your family is not only practical but crucial.

If you are going to go to a CPA to do your taxes, they need to know your complete financial picture to do their job properly. If you hold back information, you are the one who gets hurt.

If you go to an attorney for legal counsel, you must disclose the facts as you know them so they will be able to do their job properly.

When seeking capital gains tax advice and counsel, it is important to know what legal structures are in place and how the sale of your asset will affect the rest of your financial picture. I have the same responsibility as your CPA and Attorney as far as confidentiality and protection of your personal data. Without the proper numbers, I can't provide you with accurate solutions.

I do not replace your CPA and Attorney. I work with them to be sure your interests continue to be taken care of even after the sale of your asset.

So, instead of having your current advisors tell you not to disclose any information to someone they or you don't know, let's all get to know each other so everyone is on the same page.

Any CPA or Attorney with your best interest at heart will take the time to have a conference call and put any of their concerns to rest.

In my opinion, it is the advisor who will not take the time to investigate the specialist trying to help their client protect his or her financial future that is doing the ultimate disservice and whose motives should be questioned.

Paula Straub

Fill out a Qualification Questionnaire to see if you qualify to keep your capital gains.