03/26/2026
Tax season has a way of bringing planning to the forefront. By then, some of the most valuable opportunities may already be limited. Summers Compton Wells Tax Planning Attorney Courtney J. Mitchell shares a few common questions she hears and how she approaches them.
❓When should you involve legal counsel in a transaction?
If you are wondering whether legal counsel would be wise in any circumstance, then you should be reaching out to your attorney for guidance as soon as possible (if the attorney’s input isn’t necessary, you’ll get that out of the way early). When in doubt, ask for legal counsel on tax implications for any transaction!
❓When should tax planning start each year?
The earlier the better (ideally, plan for 2027 in 2026). Most clients wait until Q4 of the year to consider gift and estate tax planning strategies, which tends to leave estate planning attorneys, financial advisors, and CPAs with limited time to collaborate, come up with creative ideas, and ensure the most efficient tax planning is properly implemented for the client.
❓What is one tax planning tip you wish more clients knew?
Ongoing annual gifting plans! You can reliably remove assets from your estate year after year by making gifts up to the annual exclusion amount per donee each year, and you can have this fixed in your annual budget. Gifts up to the annual exclusion amount can be made directly to the donee or through trust (which has several added benefits) without the need for gift tax return filings.
Tax planning is not just about deadlines. It is about creating time and space to make informed decisions.
If questions like these are coming up, our team is here to help you think through them.
*This content is for informational purposes only and does not constitute legal or tax advice.
