Rabalais estate lawyer

If Your Estate Attorney Talks Too Much, Fails To Listen, or Speaks Over Your Head - Leave. Questions He SHOULD Be Asking

Some people get nervous before they go see an estate planning attorney for the first time. They don't know what to expect.

Selecting the right estate attorney is important in making sure that your legacy is preserved the right way.

Before we get into which questions you should expect to be asked by your estate planning attorney, let's address some characteristics of an estate attorney that should turn you away.

First, if you find that the attorney talks the entire time during your visit, then stand up an leave. Second, if your attorney speaks in terms you do not understand, get up and leave. And finally, if your attorney is not a good listener, leave.

With that being said, here are some things you should plan to discuss in your initial conversation with your estate planning attorney.

The first question I like to ask, right out of the box, goes something like, "So as we start a conversation about your estate legal program, what kinds of things do YOU want to make sure we discuss?"

Some people have specific things they want to address, such as, a blended family situation, a problem child, specific bequests they want to make, or providing for grandchildren, just to name a few. When a client has specific issues they want to address, we need to drill down on those to make sure the estate program is tailored for their specific needs.

Other people do not have a specific issue they want to address. Perhaps they don't know what to ask and they just want to make sure their estate legal affairs are in order.

In every estate planning conversation, there are discussions about particular issues that each client has, and there are questions that we ask virtually every client. Here's a few of the questions asked of just about every client (assuming a married couple but can be adapted to a single person):

(1) After you both pass, how do you want your estate disbursed?

(2) If you have to put someone in charge of the disbursement, who should it be?

(3) When one of you passes, how do you want to leave things to the surviving spouse? Remarriage is in the back of people's minds during this conversation.

(4) If you become incapacitated while you are alive, who do you want to make your medical and financial decisions?

(5) Do you want to leave bequests through your last will and testament (requires probate), or through your revocable living trust (avoids probate)?

What I have not addressed in this short post are questions related to Medicaid Planning (nursing home poverty), estate tax planning (only affects the super wealthy), charitable bequest planning, and the creation of entities for lawsuit protection purposes (particularly if you own rental property).

The discussion you have with your estate planning attorney about your legacy is an important one. Make sure you work with an attorney who doesn't merely want to hear himself/herself talk. Make sure you work with an attorney who doesn't speak in legal-ese (over your head). And make sure you work with an attorney who listens to what you say so that he or she can ask the next right question - and then listen again!

This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.

Paul Rabalais

Louisiana Estate Planning Attorney

www.RabalaisEstatePlanning.com

Phone: (225) 329-2450

A Last Will and Testament Ain't Asset Protection

Was working with a Louisiana couple that came in to discuss getting their estate legal affairs in order. While different people have different priorities when it comes to estate planning (taxes, nursing home expenses, probate, blended families, children who spend, disabled children, in-laws you don't like, protect grandchildren, who will be in charge, health care decisions, to name a few), this couple perceived their biggest threat the potential to lose their savings and home to nursing home expenses. One of the spouses had an illness that didn't pose an immediate threat to independent living, but there is certainly the likelihood down the road that long term care will be needed.

One of the spouses, who was not real educated, mentioned on one or more occasions something like, "While I kinda heard that when it comes to estate planning, all you need is a Will." 

I get that in coffee shops and in barber shops people give advice to their friends and colleagues. But when it comes to the intricacies and varied issues involved these days, one-size-fits-all advice just doesn't work.

Obviously, if you write a Last Will and Testament, you are going to leave all of your assets in your name. If you have assets in your name and you go into a nursing home, you must spend your assets first before Medicaid pays for the care. They let you keep your home but Medicaid will have Estate Recovery rights so that when you die, your home must be sold to reimburse Medicaid for what they spent on your care - after you spent all of your own money.

Because there is uncertainty in life, I don't know how this family's story will end. They've worked hard to accumulate what they have. It sounds like their children and grandchildren could really benefit from an inheritance. But only time will tell what will happen in the future.

Paul Rabalais
Estate Planning Attorney
paul@RabalaisEstatePlanning.com
Phone: 866-491-3884