“If clients are going to spend the time and expense to plan, then they should also try to protect their efforts.  Adequate disclosure is a proactive tool for clients to ensure some finality in the valuation and potential taxation of their lifetime legacy planning.  Clients should plan to provide full and detailed disclosure, which will require extensive cooperation and coordination among all the client’s advisors (insurance, financial, accounting, legal) to avoid mistakes that could otherwise result in costly amendments of returns and additional audit and tax exposure to the client.”

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