Four New Client Matters Yesterday - Your Concerns May Be Similar

From time to time I will provide a summary of the issues that I deal with on a certain day so that you can perhaps comment on them, or at least get a feel for what kind of issues we deal with so that you will know that perhaps you are not alone in the kinds of issues that are important to you and your family. Yesterday, I had four new client meetings. Without revealing any confidentialities, the following are four separate summaries of new client meetings that I had with new estate planning clients.

  1. Friend Needs Estate Planning Legal Work. The first discussion I had was with a friend who owns a successful business. He said he was working with some financial advisors from out of state. His goal was to set up an estate plan for he and his wife so that after they both passed away, their business and other assets would transition the right way to his kids. We discussed business ownership, estate tax, irrevocable life insurance trusts, and updating all of his estate planning legal documents which were prepared by another attorney more than 15 years ago when his kids were very young. We'll be meeting again in the coming days or weeks ahead to finalize an estate planning legal program for him.
  2. Couple Wants Each Child To Receive A Certain Piece of Property. My second meeting was with a couple who wanted to avoid probate and make matters simple for the kids. Even though the husband made most of the big financial decisions for the family, it was the wife who really wanted to have everything simple because she was worried that her husband might die first. The couple also had two pieces of real estate - their home and another piece of property. For specific reasons that they indicated, they wanted one piece to go to one child, and another piece to go to another child, and the rest of their estate to be divided equally among the two children. Assets we addressed included: avoiding probate, estate tax avoidance, avoiding capital gains tax on the sale of property, who to designate to handle matters when they die, income tax aspects of inheriting an IRA and a stock portfolio, the wife's need to rely on their CPA if the husband dies first.
  3. Surviving Spouse Wants To Simplify Complex Estate. We worked with a family that had in the past set up some complex trusts for their children and grandchildren. The surviving spouse now wanted to simplify the surviving spouse's estate, leave it to the children, and then ultimately let the children inherit it and figure out how they can provide for their children. Issues we addressed included: estate and gift tax avoidance; lifetime charitable giving; giving to charity at death; naming an executor of a Will; updating prior estate planning legal documents.
  4. Avoid Probate and Avoid Nursing Home Poverty. My final new client meeting of the day was with a couple that was very clear from the outset of the discussion. The husband had been through a nightmare probate in recent years and he was very clear that he wanted his family to avoid the two probates that they would otherwise have to go through after he and his wife died, and they did not want to lose assets due to their possible future nursing home expenses. Issues we addressed included: Medicaid Planning; IRAs and SEP-IRAs; avoiding probate; how to handle bank accounts and CDs; Irrevocable Trusts for Medicaid Planning; how to title boats and vehicles to avoid probate.

I also took a call from a potential Probate client, but I told them that I was not the attorney for them. The woman's attorney/friend referred her to me. Her mother had died but the daughter did not have a good relationship with her two step-siblings. The mother owned a home but died with a Will or with any estate planning legal documents in place. Since this was likely to be an adversarial matter between the parties that would likely last for years in the court system, and since these matters never work out well, I told them that I would respectfully decline their offer to have me represent them in the potentially hotly contested matter. I wish them well.