Lions and Tigers and… Google Searches and Copycats, Oh My!
Whether you are looking for information about basic estate planning or something more complex such as Medicaid qualification, there is a lot out there. Beware! The most common piece of advice we give is along the lines of: Every situation is different. Every family dynamic is different. Just because Google/Your Neighbor/Your Son/Your CPA said you should do this or that, does not mean you should!
A few examples:
1. The DYI: The do-it-yourselfer. Printing a form from the internet or copying one from someone else is NEVER a good idea. Estate Planning is individualized to the person and the situation. Attorneys put specific language in documents tailored to the individual client based on the massive amounts of information the attorney has gathered and the specific questions they’ve asked. What the DYI Guy did not know is that owning his own small business greatly changes how an attorney would approach his plan and the drafting of his documents. Some generic form off the internet or coping the simple will his brother had is not going to cut it. Remember, you always get what you pay for!
2. The Cheapskate: No one is excited about planning for their final days and beyond, especially having to pay for it now. When searching for an attorney to assist you, price should not be the deciding factor. When retaining an attorney, you are paying for their knowledge. Yes, you may find someone to do it cheaper, however, what is their experience? How much time are they going to spend on you if they are willing to do it for so little? Is this their main area of practice? Now, this is not to say that an amazing attorney will not significantly discount their rates for a struggling family on a case by case basis… but that decision is not usually made until after they have had a chance to meet with you in person and evaluate your situation.
3. The Researcher: Spending hours googling and reading articles is great but understanding that not everything you read is true is even better. While a basic understanding is important, spending half your appointment time while the attorney debunks your google knowledge is not. The client should not walk into the office requesting the specific services the attorney should perform for them. The attorney should take some time to listen to the needs and desires of the client and suggest a plan. In many cases, the attorney will lay out several options and explain the pros and cons of each. Remember that all situations and families are different and a small detail to you may be a big factor to an experienced attorney.
4. The Friends and Family Plan: Remember your parents saying, “Just because your friend jumped off a cliff doesn’t mean you should too.”? Well, just because your brother deeded a house to his children, gifted a lot of money, put everything in a trust, or cashed out his life insurance does NOT mean you should too. Planning takes into account age, health, goals, other family members, and so much more. While two situations may be very similar, they are never identical.
5. Tax Avoidance King/Queen: Tax planning, estate planning, and long-term care planning are totally different animals. It takes a very experienced professional to analyze all aspects of a situation. No one wants to pay more taxes but, in some cases, it is better to pay some taxes now than hemorrhage money in health care costs later. Yes, it is important to have estate planning documents, but it is also important to discuss long term goals and the possibility of needing long term care. Living in a nursing home is never a goal, however, it frequently become the reality.
An estate plan is not one-size-fits-all. Your attorney is uniquely qualified to tell you what estate planning techniques are right for you, your family, and your specific situation.