Sometimes, money matters aren’t as simple as dollars and cents, quid pro quo. Numerous laws, regulations, and ordinances exist across the local, state, and federal levels, and failure to take these rules into account can result in serious financial and legal consequences.
This quick guide will go over what a financial lawyer does, why you should hire one, and how to choose the best financial law firm.
Functions of a Financial Lawyer
A financial lawyer fills many roles and can help you in a variety of ways. Whether your needs are complex and expansive or narrow and focused, the right legal counsel can save you a ton of time, money, and heartache. A financial lawyer may be necessary for:
Understanding and properly filing your taxes
The last thing you want is to be in hot water with the IRS. Unfortunately, many people find themselves in that position due to ignorance of the law and the complexity of local, state, and federal tax codes. A properly licensed financial lawyer will have spent years studying the ins-and-outs of taxation in your jurisdiction. They have knowledge and experience that a search engine query simply can’t stand up to. If you’ve opened a business, purchased property, acquired a new revenue stream, or had any notable changes in your financial situation, it’s vital to seek adequate legal counsel. Aside from keeping you in the good graces of the IRS, a financial lawyer can also find potential ways to save money and avoid certain taxes altogether.
Dealing with Insurance
Much like taxes, insurance can be a labyrinth of tiny clauses, fine print, exceptions, footnotes, and other tiresome minutiae. You may very well believe that you’re covered until something happens and you find out that you’re not. Insurance agreements are often extremely confusing, and at times, certain aspects of your contract can even seem contradictory. If your insurance company isn’t willing to pay out in whatever damages you may incur, then that cost will fall on you, potentially ruining everything you’ve worked so hard to achieve in your life. A financial lawyer can help you navigate your insurance agreements, understand the potential pitfalls and weaknesses of your current plan, deal with your insurer to optimize your outcome, and generally ensure that you’re in good standing. Insurance companies are notorious for failing people when they need help the most, but a skilled financial lawyer will work night and day to make sure that you’re safe.
Investments and banking
First and foremost, you want to be certain that your financial assets are stored in a way that is legal, safe, and insurable. When your securities and accounts aren’t handled properly, you run the risk of losing money and finding yourself under Johnny Law’s microscope. Specialty lawyers from Guajardo & Marks points out, hiring experienced attorneys can ensure that your financial assets are safe and compliant. They’ll be able to help you find the best ways to benefit from your accounts, as they have done with previous clients. There are a number of legal restrictions on the purchase or creation of stocks and bonds, and you or your business need to comply with these regulations in full. Otherwise, you open yourself up to financial liability and legal trouble. Even if you think you’re doing everything by the book, it’s best to double check with a group of professionals who understand all the details that surround investing and banking.
Bankruptcy
Nobody’s excited about the prospect of bankruptcy, but if you’re at that point, then you definitely want to choose the bankruptcy structure that benefits you the most. Improperly filing for bankruptcy or choosing a suboptimal bankruptcy structure can seriously impact your credit and overall financial health. A seasoned financial lawyer can get you on the right track when dealing with your personal or business bankruptcy concerns.
Estate concerns
Maybe you’ve written a will, but that doesn’t mean that it’s airtight. All too often, a person passes, and their family descends into chaos as everyone is in a frenzy to figure out how to allocate their deceased loved one’s assets. The disarray that comes up in the wake of a person’s death can leave scars in a family that never truly go away. You probably don’t want this outcome for your family, so it’s vital to collaborate with a financial lawyer to devise a comprehensive will that effectively allocates your assets in the case of your passing. On the flip side, if you’re a potential beneficiary, you want to hire proper legal counsel to help you get what you deserve.
Legal counsel is a worthwhile investment
Sure, legal counsel comes with a price, but compared to the potential financial ruin and legal turmoil that you risk without it, proper financial legal counsel is worth the cost. With a skilled financial law firm by your side, you can stay within the bounds of the law, rest easy with the knowledge that you’re doing everything by the book, and uncover ways to maximize the value of your assets while limiting your risks and liabilities. Everyone wants to protect their hard earned money, and a financial lawyer is the best way to do that.
Finding the right financial lawyer
There are plenty of licensed lawyers out there, but you shouldn’t just settle for anyone with “J.D.” next to their name! As with any profession, lawyers and law firms can vary wildly in skill, professionalism, and attention to detail. When your financial well being is on the line, you don’t want to hire someone who doesn’t really have your best interests in mind. When searching for financial legal counsel, you want a firm who has the following qualities:
- A Competent Online Presence: Before moving forward, take a good look at their website. Does it look like a lot of work was put into it, or does it seem shoddy and thrown-together? Are there spelling, grammatical, or other mechanical errors? If a law firm can’t even have the attention to detail to put a decent website together, then how are they going to adequately navigate the complexities of your financial situation?
- Professionalism in Person and on the Phone: Do they sound like they care? Are they crass or too laid back? Do they make huge promises and agree to anything you say? A proper lawyer won’t act like a salesperson. If they talk about their firm like a used car, then you should probably go elsewhere.
- Experience: A law firm can have the best intentions in the world, but if their lawyers don’t have adequate experience dealing with complex financial matters, then they may overlook vital aspects of your financial situation. It’s of the utmost importance to work with lawyers who have been around the block and have an extensive, proven track record.
A financial lawyer is the best way to keep yourself, your assets, and your family safe. You’ve worked your whole life to get to this point; it’d be a shame to see it all lost just because you missed an important detail. If you have any doubts, questions, or concerns regarding your situation, seek proper financial legal counsel as soon as possible. You’ll be glad that you did!
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