Estate Planning Attorneys

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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exoilman
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Location: New Jersey

Estate Planning Attorneys

Post by exoilman » Tue Feb 05, 2013 10:52 am

Looking for recommendations in the NJ/NY area. Private messages only please.

Thanks
Sam

Placenshow
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Re: Estate Planning Attorneys

Post by Placenshow » Tue Feb 05, 2013 12:47 pm

I'd like to piggyback off this email and look for similar recommendations in the Mpls/St. Paul area.

Private messages as well please.

Thanks!

mr.ajandkj
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Re: Estate Planning Attorneys

Post by mr.ajandkj » Tue Feb 05, 2013 2:22 pm

Recommend starting by looking for members of the Wealth Counsel in your area. Kind of like filtering CFP's by using Garrett Planning Network...

http://www.wealthcounsel.com/members-by-name/

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mephistophles
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Re: Estate Planning Attorneys

Post by mephistophles » Tue Feb 05, 2013 3:39 pm

exoilman wrote:Looking for recommendations in the NJ/NY area. Private messages only please.

Thanks
Sam



Look for ones that don't advertise the sale of living trusts or promote them in seminars.

exoilman
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Re: Estate Planning Attorneys

Post by exoilman » Tue Feb 05, 2013 3:55 pm

mephistophles wrote:
exoilman wrote:Looking for recommendations in the NJ/NY area. Private messages only please.

Thanks
Sam



Look for ones that don't advertise the sale of living trusts or promote them in seminars.


Very much agree on this. I went to two and the lawyer clearly was convincing the attendees that they needed it even with an estate of 600K. He also had an insurance person and financial person pitching.

Sam

bsteiner
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Re: Estate Planning Attorneys

Post by bsteiner » Tue Feb 05, 2013 9:53 pm

In response to mephistophles: very few lawyers in the NY/NJ area pitch living trusts, so that's unlikely to be a problem unless you go to the free dinner seminars. If you go to the free dinner seminars, and you're the one who buys the living trust, annuity, timeshare or bridge, you paid for the free dinners for everyone in the room.

In response to mr.ajandkj: why would you recommend the group you mentioned? (Feel free to respond to that privately.)

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LadyGeek
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Re: Estate Planning Attorneys

Post by LadyGeek » Tue Feb 05, 2013 9:57 pm

If anyone gets a private message that makes them feel uncomfortable (inappropriate, etc.), report the PM using the "!" in the top right corner.

PMs can be reported just like regular posts. See: REPORTING VIOLATIONS AND UNWELCOME PMs
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mephistophles
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Re: Estate Planning Attorneys

Post by mephistophles » Tue Feb 05, 2013 10:01 pm

bsteiner wrote:In response to mephistophles: very few lawyers in the NY/NJ area pitch living trusts, so that's unlikely to be a problem unless you go to the free dinner seminars. If you go to the free dinner seminars, and you're the one who buys the living trust, annuity, timeshare or bridge, you paid for the free dinners for everyone in the room.

In response to mr.ajandkj: why would you recommend the group you mentioned? (Feel free to respond to that privately.)


Estate planning lawyers in our State promote living trusts all the time. Doesn't matter whether how contact is made. Virtually one size fits all. Cost about 3k a pop. Same probably goes on in other states

Dianne
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Re: Estate Planning Attorneys

Post by Dianne » Wed Feb 06, 2013 12:17 am

mephistophles wrote:
bsteiner wrote:In response to mephistophles: very few lawyers in the NY/NJ area pitch living trusts, so that's unlikely to be a problem unless you go to the free dinner seminars. If you go to the free dinner seminars, and you're the one who buys the living trust, annuity, timeshare or bridge, you paid for the free dinners for everyone in the room.

In response to mr.ajandkj: why would you recommend the group you mentioned? (Feel free to respond to that privately.)


Estate planning lawyers in our State promote living trusts all the time. Doesn't matter whether how contact is made. Virtually one size fits all. Cost about 3k a pop. Same probably goes on in other states


Mephistophles, what state are you in?

In some states, living trusts are a wise plan, so I would expect good estate planning attorneys in those states to recommend them. In my state (Texas), they are not a wise plan for most clients, and most of the estate planning attorneys that I know are annoyed at how much time they spend trying to talk clients out of them. (Thank you, Suze Orman...)

bsteiner
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Re: Estate Planning Attorneys

Post by bsteiner » Wed Feb 06, 2013 11:40 am

Dianne wrote: In some states, living trusts are a wise plan, so I would expect good estate planning attorneys in those states to recommend them. In my state (Texas), they are not a wise plan for most clients, and most of the estate planning attorneys that I know are annoyed at how much time they spend trying to talk clients out of them. (Thank you, Suze Orman...)


They're not commonly used in New York or New Jersey, and in Florida there's generally no need for them. The principal exception in New York is where you don't know who your next of kin are (since the persons who would inherit absent a Will have to consent or be served before the Will can be probated). The principal exception in Florida is where you want someone who is neither a relative nor a Florida resident as personal representative (executor), since Florida requires a personal representative to be either a relative or a Florida resident.

There are occasionally state income tax reasons, since some states have different ways of determining whether an estate or a living trust (after the client's death) is taxable as a resident estate or a resident trust.

Most people's attention span for the initial meeting is about an hour and a half. If we spend an hour discussing living trusts (absent some particular reason to create one in a given case), there's often not enough time left to discuss the more important issues.

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mephistophles
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Re: Estate Planning Attorneys

Post by mephistophles » Wed Feb 06, 2013 7:41 pm

Dianne wrote:
mephistophles wrote:
bsteiner wrote:In response to mephistophles: very few lawyers in the NY/NJ area pitch living trusts, so that's unlikely to be a problem unless you go to the free dinner seminars. If you go to the free dinner seminars, and you're the one who buys the living trust, annuity, timeshare or bridge, you paid for the free dinners for everyone in the room.

In response to mr.ajandkj: why would you recommend the group you mentioned? (Feel free to respond to that privately.)


Estate planning lawyers in our State promote living trusts all the time. Doesn't matter whether how contact is made. Virtually one size fits all. Cost about 3k a pop. Same probably goes on in other states


Mephistophles, what state are you in?

In some states, living trusts are a wise plan, so I would expect good estate planning attorneys in those states to recommend them. In my state (Texas), they are not a wise plan for most clients, and most of the estate planning attorneys that I know are annoyed at how much time they spend trying to talk clients out of them. (Thank you, Suze Orman...)


The simple fact is that living trusts can be a huge money maker for estate planning attorneys. With traditional wills, POAs and advance medical directives, the fees are much, much less and the attorneys only make the big bucks when the client dies and if the estate chooses him or her as their attorney.

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Steelersfan
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Re: Estate Planning Attorneys

Post by Steelersfan » Wed Feb 06, 2013 9:44 pm

mephistophles wrote:
The simple fact is that living trusts can be a huge money maker for estate planning attorneys. With traditional wills, POAs and advance medical directives, the fees are much, much less and the attorneys only make the big bucks when the client dies and if the estate chooses him or her as their attorney.


I've concluded (in most cases) they view it as a bird (fee) in the hand is worth two in the (possible, future) bush.

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