Do you know how much you are worth upon your death? One of the first things I go over with a potential client are their assets. I need to gather all the asset information in order to properly counsel the client on their estate plan. However, it is usually a big surprise when the client finds out how much they are really worth. Most clients, when you ask them about their net worth, only include their cash, investments and maybe their cars. Clients usually leave out two of their largest assets, their home (at least it was prior to the real estate collapse) and their life insurance. Clients do not add their homes and insurance to their wealth because it isn't a wealth that is readily available to them. The IRS though….they add everything you own to your taxable estate. Whether or not you can liquidate it today or years from now – that includes your life insurance and home(s). It is important to review all of your assets as the ownership of some of them may be transferred in such a way as to legally decrease your taxable estate.
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