Don’t forget to share these with your financial planner in Los Angeles

Boiling down to this discussion reminds me of the famous words of Lord Buddha… “three things cannot be long hidden: the sun, the moon, and the truth”.

Keep hammering your brain with the same words when you have fixed an appointment with your insurance lawyer or even the house physician! Needless to say, the same is applicable in the case of your financial planner in Los Angeles.

Financial planning is not always all about cash flow and the volume of assets that you’ve built up and/or inherited over the years! Indeed, on a broader aspect, it encompasses everything – from your personal or family issues to health anomalies. Yes, you need to come clean on all the inquiries made by your financial planner.

Things to disclose to your financial planner Los Angeles

A damaging debt (if any)

Credit card debt often is something that’s your cause of uneasiness. You tend to avoid speaking about it, no matter wherever you are – your closed circle of friends, within the family, or even if it is your financial planner Los Angeles. That is an utter wrong thing to do. Be careful if you want your financial plan to be a fruitful one!

Issues with scions

What if your kid is into drugs and you are just unable to share it with others? Or you are simply not on good terms with his/her fiancée; you feel that they may get divorced in the future with the partner claiming half the inheritance!

Do not ever imagine concealing such grave truths from your financial advisor. It is only he/she who could save your assets for the good. You could be advised on creating a trust so that all the money does not run into your child’s pockets after your demise.

Health concerns, especially the ones running in the family bloodline

Things like diabetes, hypertension and several other ailments determine your average life expectancy. Naturally, they are an important part of the database that your planner would move on with. Dementia, Parkinson’s disease, and even diabetes are likely to hit you as you age if, it is present somewhere in your ancestral tree. Health care costs form an integral part of your retirement or future financial planning.

Be very cautious, you need to share every single piece of information – be it personal or confidential – for your plan to yield the best results!

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