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Posted by DFIGTREE on October 5, 2006, 7:14 pm
I think just about everyone needs an estate attorney. No matter how
much or little youa re passing on when you pass on, you need to protect
it properly from creditors and divorcing spouses as well as estate ansd
state taxes. AM I RIGHT OR WRONG?
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Posted by joetaxpayer on October 5, 2006, 7:40 pm
DFIGTREE wrote:
> I think just about everyone needs an estate attorney. No matter how
> much or little youa re passing on when you pass on, you need to protect
> it properly from creditors and divorcing spouses as well as estate ansd
> state taxes. AM I RIGHT OR WRONG?
>
change 'everyone' to 'most' or even 'many' and you're closer.
a good number of people have no assets, they hardly need a will.
the next group can get by with a properly executed will.
I can't come up with a 'rule of thumb' as to when an estate attorney is
in order, but it's more likely 1/3 or fewer people, just my gut.
JOE
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Posted by Elle on October 6, 2006, 5:03 am
I would say the less you have and the smarter you are, the
less you need an estate attorney.
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Posted by catalpa on October 6, 2006, 5:03 am
> I think just about everyone needs an estate attorney. No matter how
> much or little youa re passing on when you pass on, you need to protect
> it properly from creditors and divorcing spouses as well as estate ansd
> state taxes. AM I RIGHT OR WRONG?
>
Wrong. Most people do not have enough assets to bother. Census Bureau data
from 2000 shows that the median net worth of 104,644,000 households (not
individuals) was only $55,000. Go to
http://www.census.gov/prod/2003pubs/p70-88.pdf for complete details.
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Posted by Sgt.Sausage on October 7, 2006, 6:24 am
>I think just about everyone needs an estate attorney. No matter how
> much or little youa re passing on when you pass on, you need to protect
> it properly from creditors and divorcing spouses as well as estate ansd
> state taxes. AM I RIGHT OR WRONG?
Estate attornies are often times not needed, but if they are ... be advised:
they are *expensive*. I had an acquaintance get charge $58,000 for about
100 hours of work in probate, liquidation of assets, handling the willed
distributions, etc. That works out to $580 an hour (!!!!). See ... our state
sets up a schedule based upon the value of the assets and the attorney
charges based upon the value of the estate, and not the hours worked.
What made this even worse (and outright despicable, if you ask me) is
that the attorney was a family member (by marriage, not blood), and he
made a killing at the expense of the family.
If only I could find something that pays me $580 an hour ...
.
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