Using bank accounts advantageously is an important part of that planning. At The Doyle Law Offices, P.A., Attorney Hank Doyle has been representing clients in Wake and surrounding counties since 1995. There is no substitute for meeting with an experienced attorney when it comes time to plan your estate. Call us today at (919) 228-4487.
Mar 17, 2014 · The attorney may rely on you as the financial planner to change beneficiary designations or fund a trust with the client’s assets while making sure the financial and investment plan are aligned ...
Mar 22, 2019 · An estate planning attorney will draft documents that clearly outline your wishes so that others understand how to handle your assets after your death. An attorney will also help their clients move assets into the proper entities to facilitate distribution, such as trusts, and ensure that insurance policies, retirement accounts, and similar accounts list the correct …
In addition to educating you about the probate process, an estate planning attorney can assist you with the following tasks: Creating a will. Designating your beneficiaries. Establishing durable power of attorney and medical durable power of attorney. Finding ways to reduce and avoid estate tax when possible.
By meeting with the client and assessing their needs and goals, an estate planner can create an effective strategy . Once the estate plan is in place, they draft the legal documents, which put the plan into action. The attorney may rely on you as the financial planner to change beneficiary designations or fund a trust with ...
Some estate issues can be very complex, so part of the attorney’s role is to make sure all parties involved have a grasp of the issues in order to make a well informed decision.
First, your goal in working (and networking with) with estate attorneys should never be referrals. Instead, it should be to find the best solution for your client. I’m a firm believer that referrals come from doing an exceptional job. But they should never be your motivation. This goes for networking with CPAs as well.
Financial planning and estate planning are not just one time events, but once the groundwork is laid and a good relationship is established, changes can be implemented quickly and efficiently. This saves you time and your client money, which would otherwise be wasted on duplicate and uncoordinated efforts.
Your estate planning attorney is an important member of a larger team of professionals that might include your accountants, investment advisors, and insurance agents, among others. An attorney can work with these team members to support your estate planning needs. They may choose to organize and conduct meetings with specific people. They may also get in touch with your accountant to file tax returns, update business entity documents, and ensure that other necessary changes are made. An attorney understands what needs to be done and who can be called on to complete tasks, saving you the time of learning and organizing the necessary collaborations yourself and allowing you to focus on other pressing matters instead.
End-of-life planning is a difficult but necessary process . It’s important to consider what you’d like to happen with your assets after your death, how they will be distributed, and to whom. Through estate planning, you can create a legally-binding plan that dictates your wishes and entrusts certain people with the responsibility of seeing those wishes through. Estate planning requires extensive legal experience, and the support of an experienced estate planning attorney is typically advised. These professionals can walk you through the process from start to finish, compile and file documents, and ensure that your wishes are protected by the law. Here are some of the many roles and responsibilities that an estate planning attorney can complete.
A good do-it-yourself tool will deliver the same results as an estate planning attorney — legal documents tailored to your situation. (Recall that most law firms simply reuse the same template and make a few changes to it — software can do this better, and doesn’t make mistakes because it’s too busy, tired, or bored.)
The following are the core estate planning documents: 1 Last Will and Testament States your wishes for your property and minor children (if any) for after you pass away. Usually referred to simply as a “will”. 2 Living Will Describes your preferences for care in a medical emergency and names someone to carry out your health care wishes. This document is sometimes called an advance directive, health care directive, or medical power of attorney. 3 Durable Power of Attorney Names someone you trust to manage your finances if you can no longer make decisions for yourself. A power of attorney is only valid while you are alive. 4 Revocable Living Trust Determines who should manage and receive your property after you pass away without the cost and hassle of waiting for court approval of your will.
Time: 2 to 4 weeks. Once the attorney has your information, your estate planning documents will be prepared. Basically, these are what you’re paying for. In many law firms, your documents will not actually be prepared by the attorney; they will be prepared by an assistant based on a template that the law firm uses.
Usually referred to simply as a “will”. Living Will Describes your preferences for care in a medical emergency and names someone to carry out your health care wishes. This document is sometimes called an advance directive, health care directive, or medical power of attorney.
In general, simple estate plans, including a will, power of attorney, and medical directives, can cost between $1,000 to $2,500. More complex plans—for example, those that include trust documents—could cost up to $5,000 or more. Individual rates may vary by jurisdictions and states, as well as other factors.
Hourly rates commonly run between $200 and $300 an hour; again, individual rates may vary by jurisdictions and states, as well as other factors, such as the size of the firm. Note that it's normal for attorneys who bill hourly to bill in increments of no fewer than 6 minutes, or a tenth of an hour.
At this point, the attorney may provide you with an engagement or retainer letter, a contract that defines the nature of your legal engagement with them and the terms of the agreement you have reached. These terms include the expenses you will be responsible for and how your attorney will charge for their time.
When building an estate plan, you may have a variety of concerns, including the following: 1 Maintaining an orderly administration of assets while you are living 2 Managing estate assets flexibly while you are living 3 Reviewing estates involving tenants in common or community property 4 Considering assets in multiple states 5 Examining small business assets 6 Naming your children’s legal guardian 7 Ensuring that your heirs and loved ones receive your assets 8 Helping to reduce or avoid conflicts and confusion 9 Minimizing legal expenses and taxes 10 Assessing wealth preservation
Although any lawyer can draw up a simple will for straightforward situations, such as naming the beneficiary of one's 401 (k), seasoned trust-and-estate lawyers can help navigate more complicated situations involving several trusts and multiple heirs. 1:21.
It's important to have a solid estate plan in place to ensure that your loved ones receive your assets without a hassle or undue delay after your death. There are many questions you should ask prospective estate-planning attorneys before hiring one to craft your estate plan. Above all, make sure you hire an attorney who demonstrates ...
The accountants services were in the nature of tax return preparation or an audit. The instance of individuals licensed as both attorneys and accountants who claim privilege raises additional questions about the nature of the services rendered.
The accountants serve a vital, substantial and continuous role in the clients operations and act substantially like an employee. The communications or work product furthers the provision of legal services. Not all communications between an attorney and accountant are privileged.