Would you have your regular doctor do your heart surgery? Sounds like a stupid question, right? However, the same could be said for choosing the right attorney for your estate planning. Unfortunately, the legal profession does not require special licenses to have specialties like the Medical profession. While attorneys may practice more, or even exclusively, in one area of law than another, you must guess whether your attorney is qualified to guide you on your estate planning options.
It seems every brochure or letter you receive from your bank, financial advisor, or brokerage firm asks if you have done your “estate plan.” The fact is, your bank, financial advisor, or brokerage firm can only help you with the financial planning aspects of your estate. You need a qualified estate planning attorney to draft the legal documents that create an estate plan for you. A qualified estate planning attorney will work with you and assist you and your financial advisor and accountant to create the best plan for you.
You Need an Experienced Estate Planning Attorney to Protect Your Assets
Many attorneys attend a short seminar to learn a certain area of law and then immediately add it to their existing law practice. The intricacies around estate, Medicaid, and tax planning are extensive. Not only does the attorney need a thorough knowledge of probate law, estate administration, trust, asset protection, and Medicaid laws, they must also have knowledge of tax laws. All of these areas intertwine and have a significant impact on your estate plan.
While general attorneys may have some knowledge of the law and be able to guide you through certain parts of the estate or Medicaid planning processes, they will not be aware of the many exceptions and details an attorney who either limits their practice to estate planning or makes estate planning a major part of their practice will know.
Attorneys in estate planning will typically have relationships with financial advisors, accountants, and other people in the financial world. Why? Because this is where they learn the nuances of estate planning and where they discuss the different ways to get you the most protection and make sure things run smoothly when you pass.
Contact Our Michigan Estate Planning Attorneys Today
The Cronin Law Firm has the breadth and depth to handle virtually every type of legal matter. Our attorneys are highly specialized in their particular practice area. Rest assured, we have you covered!