If you have a business or a great deal of personal wealth, it is absolutely essential to find a tax lawyer that can help you with your financial affairs. Depending on which country you reside in, tax laws are getting stricter everyday due to anti-money laundering statutes. Many wealthy individuals have tried to put money gained from illegal activities into offshore bank accounts. For this reason, having someone who knows how to help you navigate the complex corporate and personal tax world is an asset. When you are shopping for your prospective lawyer to handle your tax affairs, consider your selection carefully.
What the Ideal Tax Attorney Should Possess
For a tax lawyer, simply having a law degree is no longer enough. It is unwise to hire an attorney who does not have an LL.M in Tax. This is a component of necessary legal education that is commonly missed. An LL.M stands for a Master of Laws. After someone achieves their Doctorate of Law in their home country, they are not ready to give informed legal advice. They really need to go back to school, pick a specialty, and have one more year of practical training in order be able to advise clients properly.
Having an LL.M in Tax Law means your prospective attorney will have extensive experience with both the corporate tax code and the business tax code. This professional will be able to guide you step by step on how to make the proper transactions with your finances that will keep you from paying excessive fines and avoid accusations of white collar crime.
Some Common Pitfalls to Avoid
A tax professional should have a valid license to practice law. Ideally, they should also have a brokerage license in order to assist you with wealth management and taxation issues. If this professional does not have this or has no one in their firm to handle this, then it is wise to continue your search.
If you have accumulated a substantial amount of wealth, it is a good idea to ask your private bankers which law firms they refer clients of your status to in order to address pertinent tax issues. With this guidance, you will be able to get the right advice that will keep your bookkeeping honest.
When looking for a tax attorney, consider interviewing at least five different professionals and seeing who appears to be ethical, sincere, and helpful. If you do not see these qualities when meeting with an attorney, keep searching until you do. The decision will take a long time to make, but at least you will know that you have found the most qualified legal professional to handle your delicate financial taxation matters.
