There are some parts of your life — financial or otherwise — that might be unpleasant to talk about but could have an impact on your financial plan.
Bob Gucer, a certified financial planner, had been working with a client for 20 years when he discovered a secret that the person was hiding."Up until that point, he had told me he didn't carry any, that he always paid it off," said Gucer, a wealth advisor and managing principal at Benedetti, Gucer & Associates in Atlanta."When he came clean with me, he reluctantly agreed to tell his wife," Gucer said.
"Even if it's something embarrassing, not sharing it can make everything more difficult," Gucer said.It can be difficult to talk about, say, an estranged child or one with addiction issues. Yet those relationships can matter. As it turned out, the child was in the throes of substance abuse. If the clients had been open about it, Braglia could have helped make sure they created a trust or other entity to prevent their son having unfettered access to his inheritance.Braglia also once had a client who had a wife and children in America and another family in Europe.
Also, undisclosed accounts could throw your asset allocation — how your money is divvied up among stocks, bonds and cash — out of whack.Powerball jackpot surges to $625 million. Here's the tax biteWhen advisors determine that mix, it's based on your risk tolerance. That generally refers to both your ability to stomach swings in the market and how long until you need the money.
If you have a family history of a particular disease or you have a condition that affects your life expectancy, your advisor likely wants to know.
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