Many people enter the estate planning process with the goal of passing along as much wealth as possible to their beneficiaries. Hiring an attorney to accomplish this goal without fully disclosing all of your assets may frustrate that goal. When it comes to providing a list of your assets to your estate planning attorney, full disclosure is the way to ensure you create the best estate plan for your circumstances.
Full Disclosure for the Best Return on Investment
You’ve invested time in researching an experienced estate planning attorney to help you set and achieve all your estate planning goals. You’ve invested time in gathering your information and meeting with your attorney. You understand that the attorney fees you pay are an investment in the future for your beneficiaries. But if you don’t disclose all your assets to your attorney, you will not get the best return on those investments.
Complete Your Asset Checklist
Most estate planning attorneys send a checklist for you to work on before you even have your initial consultation. This checklist will help you identify all your assets and organize the asset information. Sometimes, people don’t realize that something they have or receive is an asset. If you have something that is not on the checklist and you think it could be an asset, make a note to ask your attorney about it.
What Can Happen If I Don’t Disclose All My Assets?
When you don’t disclose all your assets, you’re asking your attorney to play with a short deck. In other words, they can’t do the job you hired them for. Estate planning is a complex area of law that can require intricate planning. Your attorney needs to know your complete financial picture to obtain the best results for you with your estate plan.
As an example, if you don’t disclose an asset to your attorney that is large enough to push your estate over the federal estate tax threshold, your attorney will not be able to properly plan for it. When that asset is discovered, the financial consequences to your estate will be significant.
Your estate planning attorney’s knowledge and experience can only go so far toward creating an effective estate plan. Full disclosure of your assets is key.
Work with an Experienced Corning Estate Planning Attorney
The attorney-client relationship is an important partnership based on trust. Roth Elder Law, PLLC works hard to earn your trust. Call us today to schedule an initial meeting at 607-962-6162 or complete this intake form and we’ll be in touch.