I received a phone call yesterday from another attorney and she had questions about her estate plan. Her father lives with her and she is wondering how she should structure her estate plan upon her death. She is afraid of having her life insurance money go directly to her father because it would make in ineligible for medicaid.
One of the important lessons of the attorney's phone call was that in a lot of estate planning scenarios drafting the documents is not the important part. The important part of the job is recognizing potential conflicts and problems that could occur with an estate plan. The benefit of an estate planning attorney is experience and knowledge. One of her other questions was about who should be the trustee of my father's special need's trust? In her case, she does not have anybody that she trusts to manage her trusts. I recommended another attorney that owns a trust company because of their experience and cost-effectiveness. Her siblings would be bad trustees because of their lack of legal knowledge and questionable financial skills. Often times, a family member trustee will fail in their position and it will costs the estate more money than just hiring a non-biased, professional trustee.
Sean Robertson is an estate planning and asset protection attorney. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318.
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