The Motley Fool Discussion Boards

Previous Page

Financial Planning / Estate Planning and the Fool

URL:  http://boards.fool.com/be-sure-and-get-someone-who-spends-a-lot-of-time-30247170.aspx

Subject:  Re: How to find Professional Advice Date:  9/6/2012  2:42 PM
Author:  pauleckler Number:  4083 of 4297

Be sure and get someone who spends a lot of time keeping current

An attorney I know advertizes his estate planning services and holds hotel seminars occasionally.

I have heard him mention the Federal Estate Tax Exemption as $600K, which is probably what it was when he took the bar exam. His number is woefully out of date.

I think this serves as a reminder that your lawyer is best at writing a will, power of attorney, and trust documents, etc. But as a financial adviser, unless he has special training, he may not be a good adviser.

The books on trusts and estate planning you will find in your local library often recommend that you begin by assembling a team you can work with. That probably includes a financial expert of some sort (CPA, financial planner, etc) and an attorney. In certain age groups an attorney with elder care expertise can be useful too.

Obviously this becomes more practical and more necessary with larger estates with assets to protect and transfer etc.

One size does not fit all, but it is something to think about.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us