Heard in the Golf Club Bar………..
One of the problems with advising on tax and estate planning is that there is a lot of information out there and a lot of people interested in the subject. Some well-qualified, others less so. The press is full of articles: some good, some rather flimsy and inaccurate. That means there is a lot of misinformation, too. The particular bane of any practitioners’ life is the “latest scheme” that clients have heard about from a business contact or friend in some social situation that they want to “just run by you” rather than giving you the full facts about their own situation and taking proper advice. Now, the gossip that client has picked up may have started with a perfectly valid scheme or technique which is now obsolete because of a change of law, or some perfectly correct advice which has been misunderstood or applied to the wrong set of facts. It may – just may – be a genuinely new and workable solution to a difficult tax problem, so I do always listen. More often than not, however, the “magic solution” turns out to have flaws.
To help squash some of the more common myths doing the rounds, I intend to write an occasional series of articles under the general title “Heard in the Golf Club Bar” so that readers are, at least, forewarned in future when that 19th hole expert starts to explain the latest wonder scheme that “everyone is doing now”…..
If there are any particular schemes you have heard about, that you would like to be covered in a future article, feel free to add a comment to this article or drop me an email.