Why pay for a specialized estate plan when you could get one for less from an internet service or a general practice attorney? If I pay for a first class estate plan, what added value do I receive?
1. Good advice based on your specific circumstances. That sounds simple, but good advice can save you more money, time and hassles than any document or financial product.
2. Asset protection. Most trusts provide zero asset protection. If you never get sued or go bankrupt, this doesn’t matter to you. If you do get sued or go bankrupt, a good estate plan may be the best investment you ever make.
3. Estate tax savings. In many cases, a good estate planning attorney can help you completely avoid estate taxes. A really good trust can do a better job of avoiding estate taxes than a cheaper trust.
4. Fairness. Most trusts include one of two basic distribution plans: a common trust, or separate trusts. Both of these can produce an unfair division among your children. For example, in a typical common trust, all assets are held in a common pool until the youngest child reaches the age of 21. The problem with this is that the oldest children have their education paid for from the common fund while the youngest must pay for his education from his own share of the inheritance. Separate trusts also create inequalities if one child must use his separate share to pay for his upbringing, while the oldest children get their share after all those expenses are paid. A well designed trust will include a hybrid of these two options that gives you the best of both options.
5. Maintaining Harmony in the Family. Avoiding fights, hard feelings, or litigation within your own family may be the most important benefit of a good estate plan. A good attorney can do a lot to help you to minimize the risk of family fights over your estate plan.
6. Asset Protection for Heirs. A good trust can protect the inheritance you leave for your spouse or children from lawsuits, bankruptcy or divorce. Most trusts do not address these issues and do not provide this kind of protection.
7. Quality is in the Details. A good attorney will tailor a trust to your wants and needs and cover many critical details that you would never think of including protecting assets from a second marriage, providing for a change of control in the event of incapacity, providing flexibility through powers of appointment, and many many more.
8. Service. Included with the cost of your estate plan, I provide unlimited service in helping you title all of your assets appropriately. In addition, I never bill you for brief phone calls or questions about your estate plan in the future.