Comments on: How to Avoid Family Probate http://wealthpilgrim.com/one-question-you-must-ask-before-hiring-an-estate-attorney/ WealthPilgrim.com -No Money Worries. No Matter What. Wed, 30 May 2012 00:03:08 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Neal http://wealthpilgrim.com/one-question-you-must-ask-before-hiring-an-estate-attorney/#comment-2252 Neal Tue, 06 Oct 2009 17:01:00 +0000 http://wealthpilgrim.com/?p=1861#comment-2252 Nice to see Danielle is out there fighting the good fight. Nice to see Danielle is out there fighting the good fight.

]]> By: Danielle G. Van Ess http://wealthpilgrim.com/one-question-you-must-ask-before-hiring-an-estate-attorney/#comment-2250 Danielle G. Van Ess Tue, 06 Oct 2009 15:48:35 +0000 http://wealthpilgrim.com/?p=1861#comment-2250 What a great discussion going on here! When I first switched practice areas to estate planning, I actually had other, more seasoned estate planning attorneys try to mentor me by saying that the money in estate planning practice is to be made in probate. As I understand it, their approach is to write a basic Will now and wait for the big fees when they take it to the Massachusetts Probate and Family Court later. The older or sicker the client, the better then! I fundamentally disagree with that philosophy. I view my job as my clients' attorney and counselor at law, to help them fully understand all their options and choose how to create an estate plan with which they feel most comfortable to provide for and protect their families. Moreover, I believe it's critically important for young, healthy people to plan *now* while they can do so best. Clients who engage a lawyer when their families are just starting out can work with that lawyer throughout their lifetimes to help create and grow their wealth reviewing and updating the plan as their families change and grow too. Lately, with the challenging economic circumstances most people are currently facing, I have heard a lot of initial resistance to spending money *now* to create solid estate plans. In my opinion, that is like playing Russian Roulette. Sure, you can get lucky 5 out of 6 times and not need your estate plan to work as best as possible, but what about that 6th time? Personally, I'd rather be safe than sorry, especially for my own young children. That means spending a little more now to avoid depriving your children a whole lot more later. Or, to use that old but apt expression, don't be "penny wise and pound foolish." What a great discussion going on here! When I first switched practice areas to estate planning, I actually had other, more seasoned estate planning attorneys try to mentor me by saying that the money in estate planning practice is to be made in probate. As I understand it, their approach is to write a basic Will now and wait for the big fees when they take it to the Massachusetts Probate and Family Court later. The older or sicker the client, the better then!

I fundamentally disagree with that philosophy. I view my job as my clients’ attorney and counselor at law, to help them fully understand all their options and choose how to create an estate plan with which they feel most comfortable to provide for and protect their families. Moreover, I believe it’s critically important for young, healthy people to plan *now* while they can do so best. Clients who engage a lawyer when their families are just starting out can work with that lawyer throughout their lifetimes to help create and grow their wealth reviewing and updating the plan as their families change and grow too.

Lately, with the challenging economic circumstances most people are currently facing, I have heard a lot of initial resistance to spending money *now* to create solid estate plans. In my opinion, that is like playing Russian Roulette. Sure, you can get lucky 5 out of 6 times and not need your estate plan to work as best as possible, but what about that 6th time? Personally, I’d rather be safe than sorry, especially for my own young children. That means spending a little more now to avoid depriving your children a whole lot more later. Or, to use that old but apt expression, don’t be “penny wise and pound foolish.”

]]> By: Neal http://wealthpilgrim.com/one-question-you-must-ask-before-hiring-an-estate-attorney/#comment-666 Neal Tue, 19 May 2009 00:25:37 +0000 http://wealthpilgrim.com/?p=1861#comment-666 Thanks Alan, I think the point you make is that the attorney doesn't set the fees - the court does. I appreciate the clarification. I still think that the attorney owes the client an effort to try to reduce fees as much as possible and I know you agree. That being the case, if an attorney does not present the trust when it's appropriate to do so, the client should find a different attorney - hopefully they'll come to you. Thanks Alan,

I think the point you make is that the attorney doesn’t set the fees – the court does. I appreciate the clarification.

I still think that the attorney owes the client an effort to try to reduce fees as much as possible and I know you agree. That being the case, if an attorney does not present the trust when it’s appropriate to do so, the client should find a different attorney – hopefully they’ll come to you.

]]> By: Neal http://wealthpilgrim.com/one-question-you-must-ask-before-hiring-an-estate-attorney/#comment-665 Neal Tue, 19 May 2009 00:21:51 +0000 http://wealthpilgrim.com/?p=1861#comment-665 > Neal, I read your newsletter and I think there needs to be some adjustment to your fact situation. First of all, I do many trusts, am a big believer in them. Keep in mind, however, that the legal fees for probate are based on the statute. 4% on the first $100,000 in value, 3% on the next $100,000 and 2 % on the next $800,000. The scale slides lower when dealing with the excess of $1,000,000. There could be additional legal fees for extraordinary duties, such as sales of real property, litigation, tax advice, but the Court regulates this and often finds that extras aren't warranted in light of the statutory fees. There are rare instances when a will is justified as the transferring vehicle: anticipated litigation, or when the testator doesn't have close relatives or friends that would suffer if extra expenses associated with probate were incurred. Once again, I agree with your conclusions but wanted to point out that some of the facts in your case were askew. Regards, Alan < > Neal, I read your newsletter and I think there needs to be some adjustment to your fact situation. First of all, I do many trusts, am a big believer in them. Keep in mind, however, that the legal fees for probate are based on the statute. 4% on the first $100,000 in value, 3% on the next $100,000 and 2 % on the next $800,000. The scale slides lower when dealing with the excess of $1,000,000. There could be additional legal fees for extraordinary duties, such as sales of real property, litigation, tax advice, but the Court regulates this and often finds that extras aren’t warranted in light of the statutory fees. There are rare instances when a will is justified as the transferring vehicle: anticipated litigation, or when the testator doesn’t have close relatives or friends that would suffer if extra expenses associated with probate were incurred.
Once again, I agree with your conclusions but wanted to point out that some of the facts in your case were askew. Regards,
Alan
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]]> By: Neal http://wealthpilgrim.com/one-question-you-must-ask-before-hiring-an-estate-attorney/#comment-650 Neal Sun, 17 May 2009 04:44:34 +0000 http://wealthpilgrim.com/?p=1861#comment-650 I appreciate that very much.....and I'm fascinated by your approach. Just goes to show there is always another approach. Thanks again. I appreciate that very much…..and I’m fascinated by your approach. Just goes to show there is always another approach. Thanks again.

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