What am I missing.
Possibly two things:
1) Some people have genuinely complicated situations which require top-level careful planning. Or situations where a few things done now will make everything much better later. Not just billionaires, by any means. Regular people. So they should seek out top-tier EP experts and heed their wise counsel.
2) Some estate planning lawyers tout things like, "Everyone needs a trust." Presumably it drums up business. Maybe some trusts would benefit most people to some degree. But trusts are not uncomplicated or inexpensive and God knows plenty of people die never bothering to get a trust. It's the "everyone" that seems like a problem.
I recently heard a very well-respected estate planning lawyer say that he always asks every potential client these 4 questions first - Do you want to avoid probate? Do you want to leave a legacy to your loved ones? Do you want to avoid estate taxes? Do you want to save your house from the nursing home?
Those questions seem fair and - in the "wrong" hands" - also potentially very leading. There are individuals - childless, for example or only children with no extended family - who can thoughtfully and honestly answer "Not really" or "Don't care" to those questions, people who might still like an estate plan with a review of what's what for them and what reasonable (and reasonably-priced) things they might consider doing now.
That's why it seems to me that the OP should do more research so when he works with someone, he is a more informed consumer.
The answer to all of these estate planning questions seems to be that it really depends.
(It's easy to get the impression that the trustworthy estate planning lawyers know that some of their brethren "sell" trusts to people who may not really need them. But - with one thing and another - it seems like there's nothing they can do. No way to police it.)
Statistics: Posted by PeninsulaPerson — Tue Aug 06, 2024 2:28 pm — Replies 33 — Views 3665