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Lesson 15. More Strategies and Tips > The 30-Second Recap - Pg. 76

More Strategies and Tips Here are some special situations where expert help is mandatory: 76 · If your company grants you a large number of incentive stock options and the price of the un- derlying stock has risen dramatically, you definitely need some expert tax planning to handle the alternative minimum tax. · If company stock and options overload your portfolio, you need a strategy that will let you reduce those holdings while moving the money into other investments. · Your estate far exceeds the Unified Credit Amount and you want to transfer assets including options to your heirs so you can reduce your estate. · You hit the lottery and the initial public offering makes you a millionaire, on paper at least. Now is the time for some clear thinking and unemotional planning. Tip Many people use certified financial planners as "team leaders" to coordinate other profes- sional services. Be sure you use a planner that operates on a fee-only basis. Other planners will make a commission on products they recommend you buy. You may find one person who can deal with your situation, but it is often necessary to assemble a team of experts to handle complex problems. Here are the kind of experts you should look for: · Certified financial planner (fee-based only). · Certified public accountant knowledgeable in stock options. · Attorney specializing in tax law and estate planning. Any one of these experts can easily save you more than his fees in taxes and financial planning strategies. Don't be "penny wise and pound foolish" when handling substantial financial and tax situations.