Today, I was at a client's house and an another non-estate planning attorney drafted a will for my client. The will was a pretty good document, but it did not address her practical concerns such as how her husband who has dementia would be cared for in case of her death. Secondly, her brother has a spending problem and she wants to leave an inheritance to him, but he will blow all the money. A solution is a living trust versus a will. With this living trust, we will empower the trustee to purchase an annuity, which will give the brother a guaranteed income for the rest of his life (upon her death). Third, her neighbor is a beneficiary of her six-flat building and has no relationship to her family. One of the concerns is that he would sell the building and her husband would have no where to go. She assumed that the husband would live with the neighbor at a new home. Instead, we have set up her trust where her husband can remain living in his house for the rest of his life. Furthermore, we are setting up a special needs trust for her husband's benefit. The non-estate planning attorney also did not think about qualifying her husband for medicaid. These are simple examples of why it is important to hire an attorney experienced with wills, trusts, estate planning, advanced estate planning, and asset protection.
Sean Robertson, Attorney at Law
Robertson Law Group, LLC