Best Tax and Business Attorney

6 Replies

Curious for suggestions on great tax and business attorneys. I live and invest in Omaha, Nebraska, but I’m informed that I don’t necessarily need a tax attorney from the area. For example, I’ve heard great things about Provision Wealth Strategies (Tom Wheelwright’s company - Rich Dad Poor Dad), but their initial meeting and strategy planning is $20,000. Seems high. Thanks for the input!!!

@Chris Pomerleau

Not sure why do you think you need an attorney. Tax attorneys are needed for advanced tax controversies (i.e. suing the IRS). Business attorneys are needed for asset protection and setting up business entities like LLCs. 

For business and tax planning, you normally use accountants: CPAs or EAs.

@Chris Pomerleau

I agree with @Michael Plaks . Most people --- even wealthy ones --- could spend their entire life without ever needing a Tax Attorney. You are probably better off going with a CPA. There are many knowledgeable CPAs that actively post on BP. 

As for Tom Wheelwright, whether he and his company is worth $20,000 depends on your situation. 

For example, there is a famous lawyer named Theodore Olson. He is arguably one of the greatest lawyers if you find yourself needing a lawyer to represent you before the SCOTUS. Because of his expertise and track record, his hourly rate is something like $1,800 an hour. By comparison, you can find excellent lawyers for a fraction of his rate.  

So are lawyers like Theodore Olson worth the price? Depends on the situation. You may answer "yes" if you have a case before SCOTUS that you MUST win on. You may answer "no" if you just need someone to handle a routine eviction matter. 

Going back to Tom Wheelwright, I assume he has saved many of his client's a lot more money than that initial $20,000 fee. Let's say, for example, he was able to save one of his clients $10 million in taxes over the course of 40 years due to his excellent planning. Is that initial $20,000 fee (and subsequent fees) worth it in that scenario? Sure! Now, are you in the scenario where you can realistically save $10 million dollars in taxes? We don't know.  And could you find someone who could get you a similar result for cheaper? Maybe. 

Not trying to be obtuse --- it just all depends on the situation. 

By the way, Tom Wheelwright wrote several books, did many podcasts, and also does some blog writing. You may want to consider looking into those first since they are a cheap/free ways to find out more about what he recommends. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

I really appreciate the feedback from both of you.  I'm really interested in "tax planning," and my experience with CPAs are them as historians, where they look at what I've done and file taxes accordingly.  I need guidance on what to do moving forward.  Much of my research has revealed that tax and business attorneys can be great for that strategy.  I appreciate the info!

Originally posted by @Chris Pomerleau :

I really appreciate the feedback from both of you.  I'm really interested in "tax planning," and my experience with CPAs are them as historians, where they look at what I've done and file taxes accordingly.  I need guidance on what to do moving forward.  Much of my research has revealed that tax and business attorneys can be great for that strategy.  I appreciate the info!

 That is correct, which is why you choose a tax advisor/accountant on BP, not elsewhere  ;)

@Chris Pomerleau There's definitely a wealth of info here on BP and a number of great, real-estate savvy CPAs on here constantly adding to that wealth. Shop around a bit and see who's the best fit for you :)

@Chris Pomerleau,

You can contact your local real estate investors association for recommendations on accountants that conduct tax planning. In the meantime I would be happy to discuss your situation. 

Regards,

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