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Home >> The Man Who Lied to His Estate Planning Attorney

The Man Who Lied to His Estate Planning Attorney

August 15, 2011 by Robert Kulas. Leave a Comment

Once there was a man who lied to his estate planning attorney for fear of paying higher legal fees.  He was a good, hard working main, yet still he lied.  The man said, “Kind Esquire, I am a simple man and I have but $200,000 for which I’ve saved all my life.  I want to pass my life savings on to my only son, Paul.”

The estate planning attorney smiled and commended the man on being able to save such funds while only working menial jobs throughout his life.  The estate planning attorney designed, drafted, and implemented the best estate plan possible for the man.  Son, Paul, was named as beneficiary.

Two years later, the man died and Paul came to the estate planning attorney.  The lie was revealed.

The man hadn’t saved $200,000; he had saved $2,000,000 and mighty federal estate taxes were owed.  Paul was sad, frustrated, and, maybe, even angry.

At the time the man died, he could pass $1,000,000 without paying federal estate taxes.  That’s a lot of money for a simple man; but, the man had more.

The consequences of the man lying to his estate planning attorney?  About $500,000 in federal estate taxes.

The cost of advanced planning had the man revealed his true net worth?

$2,500.  And, it would have been tax deductible as tax related advice.

Total loss:  $497,500.  Really?  Really.

Moral of the story = be forthcoming and honest with your attorney.  Being dishonest to save legal fees or to save face will surely have negative consequences.

Be sure to disclose all financial information and family drama.  After all, your estate planning attorney can only plan for that which he knows about.  Just like a medical doctor at your annual wellness exam, your estate planning attorney needs to know all about your symptoms and goals.

Filed Under: Estate Planning Tagged With: estate planning attorney

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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