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Estate plan now or wait until Jan 2018?

Home Estate Planning Estate plan now or wait until Jan 2018?

  • jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8153
    Joined: 01/09/2016
    Do you want to consult from an attorney who gives away his knowledge or charges for it? A consultation with no charge sounds more like a sales pitch.

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    Well, I can only speak from my experience and maybe it’s different in the legal community. We don’t charge for an initial consult because that gives the prospective client an opportunity to find out if what we do is a good fit for what they want. At the same time, we’re interviewing the prospective client for same. I would never charge for that.

    But you make a good point. A consult to go over the pro’s and con’s is an hour of free advice. While I actually don’t balk at giving free advice in our initial appointment and answering a question here and there, the purpose is to determine if I can really be helpful and if we both find an ongoing relationship suitable. I can see that it would be different for a legal consultation since you would typically be approached for a one-time engagement. There’s a fine line. I suppose it depends on how you define the initial meeting – if strictly for advice, getting paid for your time would make sense.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #51525 Reply
    Craigy Craigy 
    Participant
    Status: Spouse
    Posts: 2059
    Joined: 09/16/2016

    Thoughts on insurance trust?  Combined spouse and I will have around 8 mil in life insurance.  Does it make sense to set this up?  It is a bit more complicated and may be more $ to setup.

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    Sigh, it depends. I know you folks get tired of hearing that, but there are very few cut-and-dried answers. Beneficiaries matter, for example. Do you have small children? In the longer term, this is also dependent upon such information as the type(s) of insurance, your ages, and the size of your overall estate.

    That is a lot of payout – I recommend you review with your T&E planning attorney in conjunction with your CPA and/or financial planner.

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    Very very small child.  Overall estate barely positive.

    I am not sure worth the extra expense and hassle. I have been researching this extensively.

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    Find a good T&E attorney who will sit with you for a free initial consult and go over the pro’s and con’s. Like  q-school, $8M seems to be a bit of overkill (if you’ll pardon the pun), at least for the facts given.

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    Do you want to consult from an attorney who gives away his knowledge or charges for it?

    A consultation with no charge sounds more like a sales pitch.

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    Of course it’s a sales pitch.  Attorney is trying to sell his or her services.  A free phone call or half hour consult is a cost of doing business.  If it leads to some work, great.  If it simply involves finding out and telling the client that they don’t need services, refer business elsewhere, or a giving a simple quick solution to the client’s problem, it builds goodwill.

    LEVEL 1 WCI FORUM MEMBER.

    #51555 Reply
    thomashackett thomashackett 
    Participant
    Status: Attorney, Small Business Owner
    Posts: 28
    Joined: 08/29/2016

    Does a doctor give free advice as a cost of doing business? Finding out if the patient needs more medical services, referring the patient to another provider and not charging if nothing more is required from that doctor?

    I used to do some complementary consultations. This year after noticing it was taking paying clients several weeks to get on my calendar, I stopped providing any consultations without compensation.

    Estate planning attorney

    #51604 Reply
    Avatar adventure 
    Participant
    Status: Spouse
    Posts: 1186
    Joined: 10/24/2016

    i think it will be better to wait.

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    Why ?

    : )

    #52540 Reply
    Liked by jfoxcpacfp

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