Estate Planning: Attorney Selection Is Key
When you start to get serious about planning your estate it is very likely that you will recognize the fact that it is best accomplished with the assistance of an elder law attorney. In the same manner that a tax accountant is going to save you more money than the service is going to cost you, an estate planning expert is going to understand how to guide you toward a path of optimal efficiency. It is important to identify the lawyer that is right for you because there is so much at stake, so we would like to pass along some things to keep in mind that should help you make a wise decision.
Experience Can’t Be Taught
Education is of enormous value, and intelligence will get you a long way, but experience is truly priceless. When you have seen and successfully handled virtually every combination of financial and familial circumstances over a period of years you gain a particular brand of insight that can only be acquired through this type of real-life experience. Your legacy is not something that should be used by an inexperienced attorney as a learning vehicle.
Engage An Estate Planning Specialist
If you had cancer, would you go to your family doctor for treatment, or would you seek out the services of an oncologist? Just like the medical profession has specialists, so too the legal field has those who’s practices are limited to narrow fields of expertise. The legal field is very broad in scope, and attorneys can’t possibly be true experts in every aspect of the law. Estate planning involves the use of some rather complex financial instruments, and it takes a good bit of dedicated focus to fully understand all that is available and how and when to use these strategies effectively. There is a lot more to estate planning than filling in the blanks generated by some will-creation software. If a lawyer lists estate planning or elder law as part of a long laundry list of practice areas like personal injury, workers compensation and bankruptcy, you are likely looking at a Jack of all trades – master of none. Estate Planning and Elder Law are comp,ex practice areas, and most that practice in them at a high level of proficiency find little time for anything else.
Look for Someone who is a Recognized Expert
While a specialized designation is not required for a lawyer to be a good estate planner, lawyers who are at the top of their field are usually recognized by organizations as such. A lawyer who has been Certified as an Elder Law Attorney by the National Elder Law Foundation shows that the lawyer has been recognized by his peers, by his proven level and breadth of experience, and by his proficiency in passing a rigorous exam, that he possesses specialized skill in the estate planning and elder law field. It is the only such specialization designation recognized for elder law by the American Bar Association. A lawyer with an advanced degree, such as a Master of Laws in Taxation, evidences an additional level of specialized formal training after law school not received by the overwhelming majority of lawyers practicing. Does the lawyer you are considering teach? Frequently the best and brightest lawyers in their field are invited to serve as adjunct faculty at local law schools.
Look for Someone Who is Active in the Estate Planning Field
While membership in organizations does not prove any particular level of competence, it does show that a lawyer is engaged enough in their specialized field to join with other colleagues around the country who practice in the field. This level of commitment is indicative of a specialized level of interest in the field and a commitment to share and learn from others around the country. Some organizations to look for qualified estate planners and elder law attorneys to be members of include the National Academy of Elder Law Attorneys (NAELA), the American Academy of Estate Planning Attorneys (AAEPA), WealthCounsel, ElderCounsel, the National Elder Law Foundation (NELF), and the Advisor’s Forum. Is the lawyer you are considering a member of any of these organizations, or are they simply a member of generic organizations like theirlocal bar association or the ABA?
Ask Your Family, Friends, and Associates
Anyone can buy advertising and make a sales pitch, but when a real live human being makes a recommendation of his or her own volition you know that it is valid. When you are looking for an estate planning attorney, seek out referrals from people that you know, trust and respect.
