Tax planning is done in conjunction with different areas of the law. Miami tax attorney Alain Roman experience with estate planning and business law helps him formulate a complete picture for every client. In most of the cases it is almost impossible to separate the legal consequences from the tax consequences.
For example, a real estate attorney creates a Quit Claim Deed gifting 50% of a property from parents to daughter. Assume the property is worth $200,000. The legal consequences on simple terms is that daughter now owns 50% of the property, which brings all the advantages and disadvantages of ownership like right to income, homestead (assuming it is primary residence), liability, etc. However, parents will have to file a Form 709, Gift Tax Return, reporting the gift and applying a portion of their unified credit. Many people fail to do this step due to lack of tax guidance and knowledge.