The Wise and the Wary
Who can you trust? Deb hears this question over and over again in her professional practice as an elder law attorney and a fee-only, holistic financial planner. Let Deb teach you how to protect yourself and your assets from those who might not have your best interests at heart. [Editor's note: Deb no longer contributes to Silver Planet, but we have made her archived blog entries available as a service to our readers.]
May I Add One More Misconception?
"I just have a quick question"
Here's another misconception people have about estate planning, from my personal experience. I usually hear it when I'm at the grocery store, or leaving church, or otherwise almost out the door. I inwardly cringe, because the questioner and I are now at cross-purposes in one important aspect. The questioner's intent is to get accurate advice on some specific issue of concern. To him, success is the resolution of his legal problem or dilemma. He's hoping this occurs quickly, without a costly attorney-client relationship.
My intent is to give accurate advice on some specific issue of concern. To me, success is a happy client, my own personal satisfaction, an enhanced reputation, an avoidance of a grievance or malpractice, and some income to support my family. Any advice given results in an attorney-client relationship, whether or not I get paid. I know that resolution is rarely quick.
I don't mind giving general advice on estate planning or elder law. I do this all the time in speeches, articles, and blogs. But no questioner ever really wants general advice. I can't think of a time when an acquaintance just had a general query about the income taxation of distributions in a qualified terminable interest trust, or about a Social Security Disability Income Request for Reconsideration. You'd be crazy to care about such things if you didn't have to.
No, people ask specific legal questions only when they have a specific legal issue. In order for me to give accurate advice, I need to ask questions—and lots of them. That means an interview, often with a checklist so I don't miss anything. I will also need to double-check the Probate Code, Medicaid regulations, IRS Revenue Rulings, or other laws to ensure applicability and accuracy. I can do none of this when I'm almost out the door. And I will serve neither of us well if I pretend otherwise.
By Deborah Hoskins, JD, CFP
The Wise and the Wary Blog
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