Re: Family Ltd Prtnship in Estate planning

dpb wrote:

jo wrote: > ... >> ...I don't >> like to be suspicious but I have a feeling that this lawyer >> uses his free tax planning seminars ... > I'm neither lawyer nor accountant, but have been through the > planning process w/ parent, spendthrift trust for brother, > our own estate plan, etc., over the last ten years as a > continuing saga. > > As you mentioned previously there are always other details > not said by advisors during the discussions and drawing up > of plans, either by design or more likely, not being able to > recall every nuance of every option or simply the > "familiarity breeds contempt" phenomenon that certain areas > of tax law are so well known to themselves they simply > assume "everybody knows that". > > My recommendation after watching this is to tread very > carefully and talk to some other folks before committing to > anything from this guy...

I am definitely treading very carefully and trying to figure out a way to judiciously get him to reveal his true purpose. If he tells me that he knows already that an FLP is the right vehicle for me, without the need for further discussion of my personal cirucmstances, I will have my answer. I also recently found out he does a radio spot on Sunday mornings. I hesitate to generalize about attorneys and doctors who do this but some years ago there was a well known (in our area) guy who presented himself on the radio as the guru of sports and rehab medicine. He was a blatant chauvinist and on air some of his comments about women made you feel you were in some cheap dive with a bunch of low class clods. He also had many guest speakers on his show, all local doctors in plastic surgery (mostly breast enhancement), hair restoration, and you can guess what else. In his day he was a big jock/competitive weight lifter, worked with some local sports teams, and had training facilities around the area. He also sponsored "health fairs", which actually had some interesting displays and seminars, but at which his picture from 30 years ago was displayed on poles all over the convention area. Seeing him in person made you want to double over with laughter. He still had tree trunk legs and arms, but the biggest gut you can imagine. This man spent a huge proportion of his radio show giving call in people advice on weight loss, exercise and proper diet! I mean he would admonish them for their weight and give all the medical reasons why abdominal fat was the worst, what one's BMI ought to be, how he got up at

5 in the morning to run and spent x amount of hours in the gym daily. He was an incredible braggart and his spiel was so gross that I had a kind of morbid fascination with listening to the things that would come out of his mouth, knowing the reality of him. At one time I had given serious thought to having a consultation with him re my back problems, but by then he had sold all his rehab centers, and I realized that I would not have been able to restrain myself from retorting to any remarks he made that were obnoxious, and decided it was pointless. And what happened to him? This great health nut, proponent of all the right things in principle, died of a heart attack a few years ago, in his middle-late 60's. So knowing a professional is a radio personality is another red flag to me. I could be completely wrong, and he may be doing this out of the goodness of his soul, but somehow I think it's in the same class as his financial planing dinner meetings, which is where I met him. Do good lawers need to do these things to get clients? Perhaps I'm being too harsh. jo
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Reply to
jo
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I've seen lawyers charge $25,000 to $30,000 for what your guy apparently wants to charge you $3700. It seems to me that if he were simply greedy he'd likely try to charge you more.

The law is a business, and a very competitive one at that. Lawyers have to market their services. In your guy's case, I suspect he learned a little and thought he knew all about it - lots of lawyers think estate planning is easy. Unfortunately that's not the case, and he doesn't have a full understanding of what he's talking about. In my seldom humble opinion. Stu

Reply to
Stuart Bronstein

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