RETIREMENT & ESTATE PLANNING DOMINO THEORY
Scott F. Barnett, J.D., LL.M., (Taxation)
HOW DO I GET THE DOCUMENTS I NEED?
Going to a qualified lawyer is always the best choice. They know what questions to ask you and how to figure out solutions to complications that may come up. While there are some decent “do your own” alternatives, using them is too likely going to have you miss something. Or since it is complicated for you, although not so much for an experienced lawyer who deals with this all the time, you can too easily do something wrong; or get impatient and leave it undone. The expense of getting your Dominoes set up so the last one falls where you want is far less than the costs of not doing it when an emergency happens. If you do not have a complex situation with a lot of different accounts, business interests and real estate holdings I think $500 – $1,000 is a good guess of the probable legal bills. Of course, the more there is to do the more the lawyer charges.
Review all this at least every 2-3 years. Babies are born. People pass away. There are divorces which certainly changes what you now want. All sorts of changes happen over time that affect the results of how we set up our Dominoes in the past. What was a good arrangement before might not be what you want anymore.
I assure you, after having experienced, for more than 40 years as a lawyer, client emergencies when the Dominoes WERE set up right and those where the Dominoes WERE NOT set up right; it is a bargain for you and your family to have things prepared properly and correctly no matter what the cost. What is the price of avoiding worse heartbreak when your world is already falling around you?
The positive side is this. Given the complications that can happen, knowing the Dominoes of your life are set up to avoid the horrors that can happen if they are not, can provide great Peace of Mind. You will know you have done all you can for yourself and your family. As important, you know the people you want and trust are in the wings to take care of your personal matters if you cannot.
In other words, you rest easy because you are in control and know everything and everyone will fall into place like you want.
Please let me know if you have any questions.
Scott F. Barnett, J.D., LL.M. (Taxation)
Copyright 2018, Scott F. Barnett, J.D., LL.M. (Taxation)